There is no category for gifts..so toys that I have bought as gifts for christmas bdays, etc, I just put under toys. I also dont know where to put gifts such as baked goods that I made for the parents, or plants, or gift cards. I have pretty much just kinda through all of this stuff under supplies, but dont know if this is acceptable or not. So, what the correct thing to do?
Where Do You Put Gift Expenses In MMK?
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It says birthday cards go under office expenses but I don't know about gifts....maybe make a customized category? I use/made one and let my tax preparer deal with how to file it. If you do it all yourself then sorry I probably wasn't much help. Maybe Tom will clarify.- Flag
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Gifts
In general, it doesn't make any difference where you put your business expenses on Schedule C.
You are entitled to deduct gifts up to $25 per person, per year. More than that is not deductible. You could list this as a separate category under Other Expenses, line 27.
Join me for my webinar "How to Reduce Your Taxes for 2010 and 2011" on February 28th sponsored by daycare.com. For more info: https://www.daycare.com/news/taxes/t...d-webinar.html- Flag
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