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Federal Income Tax Forms 1040ezFederal income tax forms 1040ez 3. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez This chapter explains the limits and rules for deducting the costs of gifts. Federal income tax forms 1040ez $25 limit. Federal income tax forms 1040ez You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez If you and your spouse both give gifts, both of you are treated as one taxpayer. Federal income tax forms 1040ez It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. Federal income tax forms 1040ez If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. Federal income tax forms 1040ez Example. Federal income tax forms 1040ez Bob Jones sells products to Local Company. Federal income tax forms 1040ez He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. Federal income tax forms 1040ez They paid $80 for each gift basket, or $240 total. Federal income tax forms 1040ez Three of Local Company's executives took the gift baskets home for their families' use. Federal income tax forms 1040ez Bob and Jan have no independent business relationship with any of the executives' other family members. Federal income tax forms 1040ez They can deduct a total of $75 ($25 limit × 3) for the gift baskets. Federal income tax forms 1040ez Incidental costs. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez A cost is incidental only if it does not add substantial value to the gift. Federal income tax forms 1040ez For example, the cost of gift wrapping is an incidental cost. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez Exceptions. Federal income tax forms 1040ez The following items are not considered gifts for purposes of the $25 limit. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez Examples include pens, desk sets, and plastic bags and cases. Federal income tax forms 1040ez Signs, display racks, or other promotional material to be used on the business premises of the recipient. Federal income tax forms 1040ez Figure B. Federal income tax forms 1040ez When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. Federal income tax forms 1040ez (Do not use this chart if your home is your principal place of business. Federal income tax forms 1040ez See Office in the home . Federal income tax forms 1040ez ) Please click here for the text description of the image. Federal income tax forms 1040ez Figure B. Federal income tax forms 1040ez When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. Federal income tax forms 1040ez 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. Federal income tax forms 1040ez Any item that might be considered either a gift or entertainment generally will be considered entertainment. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. Federal income tax forms 1040ez You can change your treatment of the tickets at a later date by filing an amended return. Federal income tax forms 1040ez 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. Federal income tax forms 1040ez If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. Federal income tax forms 1040ez You cannot choose, in this case, to treat the cost of the tickets as a gift expense. Federal income tax forms 1040ez Prev Up Next Home More Online Publications
Americans celebrate a variety of federal holidays and other national observances.
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Federal law establishes the following public holidays for federal employees. If the holiday falls during the weekend, it may be observed on a different day.
Many government offices are closed on federal holidays and some private businesses may close as well. If you plan to visit a government office on or around a federal holiday, you should contact them to determine when they will be open. Find contact information for government departments and agencies.
New Year's Day
New Year's Day is January 1. The celebration of this holiday begins the night before, when Americans gather to wish each other a happy and prosperous coming year. Many Americans make New Year's resolutions. See the New Year's resolutions that are popular every year.
Birthday of Martin Luther King, Jr.
Martin Luther King, Jr. Day is celebrated on the third Monday in January. The Reverend Martin Luther King, Jr. was an African-American clergyman who is recognized for his tireless efforts to win civil rights for all people through nonviolent means.
Washington's Birthday is observed the third Monday of February in honor George Washington, the first President of the United States. This date is commonly called Presidents' Day and many groups honor the legacy of past presidents on this date.
Memorial Day is a observed the last Monday of May. It originally honored the people killed in the American Civil War, but has become a day on which the American dead of all wars are remembered.
Independence Day is July 4. This holiday honors the nation's birthday - the adoption of the Declaration of Independence on July 4, 1776. It is a day of picnics and patriotic parades, a night of concerts, and fireworks.
Labor Day is the first Monday of September. This holiday honors the nation's working people, typically with parades. For most Americans it marks the end of the summer vacation season and the start of the school year.
Columbus Day is a celebrated on the second Monday in October. The day commemorates October 12, 1492, when Italian navigator Christopher Columbus landed in the New World. The holiday was first proclaimed in 1937 by President Franklin D. Roosevelt.
Veterans Day is celebrated on November 11. This holiday was originally called Armistice Day and established to honor Americans who had served in World War I. It now honors veterans of all wars in which the U.S. has fought. Veterans' organizations hold parades, and the president places a wreath on the Tomb of the Unknowns at Arlington National Cemetery in Virginia.
Thanksgiving Day is celebrated on the fourth Thursday in November. In the fall of 1621, the Pilgrims held a three-day feast to celebrate a bountiful harvest. Many regard this event as the nation's first Thanksgiving. The Thanksgiving feast became a national tradition and almost always includes some of the foods served at the first feast: roast turkey, cranberry sauce, potatoes, and pumpkin pie.
Christmas Day is a celebrated on December 25. Christmas is a Christian holiday marking the birth of the Christ Child. Decorating houses and yards with lights, putting up Christmas trees, giving gifts, and sending greeting cards have become holiday traditions even for many non-Christian Americans. Find tips to help celebrate.
Other Celebrations and Observances
There are many commonly observed celebrations in the United States that are not federal holidays. Some of these observances honor groups of people, such as National African American History Month and Women's History Month, or causes, such as National Oceans Month and National Substance Abuse Prevention Month. Many of these holidays and observances are proclaimed by the President ever year. View recent Presidential proclamations.
These are some of the most popular American celebrations and observances that occur every year.
Groundhog Day is February 2 and has been celebrated since 1887. On Groundhog Day, crowds gather in Punxsutawney, Pennsylvania, to see if groundhog Punxsutawney Phil sees his shadow after emerging from his burrow, thus predicting six more weeks of winter weather.
Valentine's Day is celebrated on February 14. The day was named after an early Christian martyr, and on Valentine's Day, Americans give presents like candy or flowers to the ones they love. The first mass-produced valentine cards were sold in the 1840s.
Earth Day is observed on April 22. First celebrated in 1970 in the United States, it inspired national legislation such as the Clean Air and Clean Water Acts. Earth Day is designed to promote ecology, encourage respect for life on earth, and highlight concern over pollution of the soil, air, and water.
National Arbor Day was proclaimed as the last Friday in April by President Richard Nixon in 1970. A number of state Arbor Days are observed at other times of the year to coincide with the best tree planting weather. The observance began in 1872, when Nebraska settlers and homesteaders were urged to plant trees on the largely treeless plains.
Mother's Day is the second Sunday of May. President Woodrow Wilson issued a proclamation in 1914 that started the holiday. He asked Americans to give a public expression of reverence to mothers on this day. Carnations have come to represent Mother's Day, following President William McKinley's habit of always wearing a white carnation, his mother's favorite flower.
Flag Day, celebrated June 14, has been a presidentially proclaimed observance since 1916. Although Flag Day is not a federal holiday, Americans are encouraged to display the flag outside their homes and businesses on this day to honor the history and heritage the American flag represents.
Father's Day celebrates fathers every third Sunday of June. Father's Day began in 1909 in Spokane, Washington, when a daughter requested a special day to honor her father, a Civil War veteran who raised his children after his wife died. The first presidential proclamation honoring fathers was issued in 1966 by President Lyndon Johnson.
September 11, 2001, was a defining moment in American history. On that day, terrorists hijacked four commercial airliners to strike targets in the United States. Nearly 3,000 people died as a consequence of the attacks. Patriot Day and National Day of Service and Remembrance is observed on September 11 in honor of the victims of these attacks.
Halloween is celebrated on October 31. On Halloween, American children dress up in funny or scary costumes and go "trick or treating" by knocking on doors in their neighborhood. The neighbors are expected to respond by giving them small gifts of candy or money.
Pearl Harbor Day
Pearl Harbor Remembrance Day is December 7. In 1994, Congress designated this national observance to honor the more than 2,400 military service personnel who died on this date in 1941, during the surprise attack on Pearl Harbor, Hawaii, by Japanese forces. The attack on Pearl Harbor caused the United States to enter World War II.
Ethnic and Religious Holidays
Various ethnic and religious groups in America celebrate days with special meaning to them even though these are not national holidays. For example, Christians celebrate the resurrection of Jesus Christ on Easter, Jews observe their high holy days in September, Muslims celebrate Ramadan, and African Americans celebrate Kwanzaa. There are many other religious and ethnic celebrations in the United States.