Where Do You Put Gift Expenses In MMK?

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  • legomom922
    Advanced Daycare.com Member
    • Jul 2010
    • 1020

    Where Do You Put Gift Expenses In MMK?

    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?
  • Blackcat31
    • Oct 2010
    • 36124

    #2
    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.

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    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062

      #3
      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
      http://www.tomcopelandblog.com

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