Tax deductions

[lovetheprincesses]

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!

 

[Cheshire Figment]

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)

 

[lovetheprincesses]

Thank you!!

 

[deva]

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