Tax deductions

Discussion in 'Budget Board' started by lovetheprincesses, Jun 26, 2009.

  1. lovetheprincesses

    lovetheprincesses Mouseketeer

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    Does anyone know if client gifts are tax deductible or what the rules are? I am looking for deductions besides donations and contributions or just any tax deductions period!
     
  2. Cheshire Figment

    Cheshire Figment <font color=red><marquee behavior=alternate>Friend

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    Basically yes.

    If you have not yet done so, I would also suggest that you go to www.irs.gov and order the following publications which will probably help a lot.

    334 - Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ)
    463 - Travel, Entertainment, Gift, and Car Expenses
    535 - Business Expenses
    551 - Basis of Assets
    552 - Recordkeeping for Individuals
    560 - Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans)
    583 - Starting a Business and Keeping Records
    587 - Business Use of Your Home
    946 - How to Depreciate Property

    Mike (CPA Retired)
     
  3. lovetheprincesses

    lovetheprincesses Mouseketeer

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  4. deva

    deva DIS Veteran

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    Be careful though - generally the deduction is limited to just $25 per recipient per year for business gifts.
     

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