LaVida Posted December 22, 2006 Share Posted December 22, 2006 .....does anyone write off christmas gifts? If so how do you do it? No, no family member gifts...... Can't I write it off as a "donation"? Quote Link to comment Share on other sites More sharing options...
LaVida Posted December 22, 2006 Author Share Posted December 22, 2006 ....it looks like I got my answer. It's a "no".... my sons classmates aren't a charity and all his teachers are not my employees... it was not business related either. Oh well... It's about giving anyway right? Quote Link to comment Share on other sites More sharing options...
TxSioux Posted December 22, 2006 Share Posted December 22, 2006 May be stretching a 'loophole', but could the gift be classified as testing or sample?Susan. Quote Link to comment Share on other sites More sharing options...
LaVida Posted December 22, 2006 Author Share Posted December 22, 2006 mmm.... potential clientel & advertising but that's it.... Quote Link to comment Share on other sites More sharing options...
CareBear Posted December 23, 2006 Share Posted December 23, 2006 if sampling, then legit business expense. if giving to registered charity - donation Quote Link to comment Share on other sites More sharing options...
Ahuff Posted December 23, 2006 Share Posted December 23, 2006 I gave 4 different baskets to 3 different groups - a local service club, a car club and a company. All will be raffling them to their members/employees.The service club is a non profit, so that's a donation in kind. The others I write off as advertising.I do get orders from these baskets, so I find they really work for me. Quote Link to comment Share on other sites More sharing options...
Chemsgurl Posted December 24, 2006 Share Posted December 24, 2006 Any donations I make, I make in the spirit of giving. I do not write them off. This may not be a wise business decision,but for me a wise karma decision. I don't see anything wrong with writing donations off on taxes for others if that is what they chose to do. Quote Link to comment Share on other sites More sharing options...
Georgia Posted December 24, 2006 Share Posted December 24, 2006 She's not asking about writing off donations...she's asking about writing off gifts she has given people and no, IMO, you cannot. These are personal items withdrawn by the owner and are not tax deductable.I don't think it's being cheap...I think it's being unethical. Quote Link to comment Share on other sites More sharing options...
josie1091 Posted December 26, 2006 Share Posted December 26, 2006 If you are filing your business on Schedule C for federal tax purposes, donations are not allowed as a deduction. They are allowed as personal deductions on a Schedule A as long as they are given to qualified organzations, not to individuals. The only way you could write them off to individuals is as thank you gifts to customers(limited to $25 per person) or as advertising. As advertising, you should not take more than $4 per item. Quote Link to comment Share on other sites More sharing options...
LaVida Posted December 26, 2006 Author Share Posted December 26, 2006 thanks all... I read on this after I posted and decided it was not a deduction. I also decided that it was a Karma" decision when I got the gifts together... I was excited about just giving them away.... I hope everyone enjoyed them. Quote Link to comment Share on other sites More sharing options...
LaVida Posted January 9, 2007 Author Share Posted January 9, 2007 ok, I found 4 invoices that reflect "gifts" that I have given for "testing purposes" so I will submit those as expenses.. or should they be advertisements? Quote Link to comment Share on other sites More sharing options...
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