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?
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Where Do You Put Gift Expenses In MMK?
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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
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