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1040ez Form 20141040ez form 2014 3. 1040ez form 2014 Gifts Table of Contents If you give gifts in the course of your trade or business, you can deduct all or part of the cost. 1040ez form 2014 This chapter explains the limits and rules for deducting the costs of gifts. 1040ez form 2014 $25 limit. 1040ez form 2014 You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. 1040ez form 2014 A gift to a company that is intended for the eventual personal use or benefit of a particular person or a limited class of people will be considered an indirect gift to that particular person or to the individuals within that class of people who receive the gift. 1040ez form 2014 If you give a gift to a member of a customer's family, the gift is generally considered to be an indirect gift to the customer. 1040ez form 2014 This rule does not apply if you have a bona fide, independent business connection with that family member and the gift is not intended for the customer's eventual use. 1040ez form 2014 If you and your spouse both give gifts, both of you are treated as one taxpayer. 1040ez form 2014 It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. 1040ez form 2014 If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. 1040ez form 2014 Example. 1040ez form 2014 Bob Jones sells products to Local Company. 1040ez form 2014 He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. 1040ez form 2014 They paid $80 for each gift basket, or $240 total. 1040ez form 2014 Three of Local Company's executives took the gift baskets home for their families' use. 1040ez form 2014 Bob and Jan have no independent business relationship with any of the executives' other family members. 1040ez form 2014 They can deduct a total of $75 ($25 limit × 3) for the gift baskets. 1040ez form 2014 Incidental costs. 1040ez form 2014 Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. 1040ez form 2014 A cost is incidental only if it does not add substantial value to the gift. 1040ez form 2014 For example, the cost of gift wrapping is an incidental cost. 1040ez form 2014 However, the purchase of an ornamental basket for packaging fruit is not an incidental cost if the value of the basket is substantial compared to the value of the fruit. 1040ez form 2014 Exceptions. 1040ez form 2014 The following items are not considered gifts for purposes of the $25 limit. 1040ez form 2014 An item that costs $4 or less and: Has your name clearly and permanently imprinted on the gift, and Is one of a number of identical items you widely distribute. 1040ez form 2014 Examples include pens, desk sets, and plastic bags and cases. 1040ez form 2014 Signs, display racks, or other promotional material to be used on the business premises of the recipient. 1040ez form 2014 Figure B. 1040ez form 2014 When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. 1040ez form 2014 (Do not use this chart if your home is your principal place of business. 1040ez form 2014 See Office in the home . 1040ez form 2014 ) Please click here for the text description of the image. 1040ez form 2014 Figure B. 1040ez form 2014 When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. 1040ez form 2014 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. 1040ez form 2014 Any item that might be considered either a gift or entertainment generally will be considered entertainment. 1040ez form 2014 However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift. 1040ez form 2014 If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. 1040ez form 2014 You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. 1040ez form 2014 You can change your treatment of the tickets at a later date by filing an amended return. 1040ez form 2014 Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. 1040ez form 2014 If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. 1040ez form 2014 You cannot choose, in this case, to treat the cost of the tickets as a gift expense. 1040ez form 2014 Prev Up Next Home More Online Publications
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