The IRS Deductions Blog

Archive for the ‘Gift Tax Deductions’ Category

Question: How do I declare tax deductible items that were bought with a gift card?

I bought 2 $50 Amazon gift cards from Craigslist seller and I paid him $80 in cash. I used them to buy two books that are tax deductible because they’re both work-related. The problem is that on the Amazon invoice, only a small fraction of the price is showing in big bold letters as the ‘Grand Total’, and the rest is part of the gift certificates.

Since I don’t have an invoice for the gift cards, could I have a problem if I add the whole amount as a deduction? How should I declare those two books.

Info: I’m the sole-proprietor of my own business and I use Schedule-C.

Answer: The grand total on an invoice does not matter. Because a grand total can include both deductible and non-deductible items, the IRS goes by the amounts listed for each deductible item on the invoice. Add the amounts (including shipping) listed for each book, plus the shipping, tax, etc.

Items on Amazon Right Now for Business Gifts Deductible:

422 Tax Deductions for Businesses and Self-Employed Individuals (422 Tax Deductions for Businesses & Self-Employed Individuals) $7.99 Fully revised and updated, this guide is aimed at all businesses, independent professionals and contractors, freelancers, and home and Internet businesses. The hundreds of tax breaks listed are not loopholes or questionable areas of the law, but legitimate business deductions that accountants forget to ask their clients about or that the IRS chooses not to mention on its tax forms….

100% Exclusion of Small Business Capital Gains

The Internal Revenue Code has contained a provision that allows individual taxpayers to exclude 50% of the gain they realize from the sale of qualifying small business stock.

CHRISTMAS GIFTS

Items on Amazon Right Now for Deductible Gifts To Children:

Famed bomber flying into airport

BETHALTO – The Arizona Wing of the Commemorative Air Force is bringing its B-17 Flying Fortress Sentimental Journey to St Louis Regional Airport, from June 1 to 6.

Why I’m Going to Cambodia

Question: Is there a way to claim a tax deduction for your tithe, in Australia?

I’ve been tithing 10% of my income to my church for some time, and I’d like to know if there is a way I can LEGALLY claim this as a tax deduction? My church isn’t registered as a tax-deductible gift recipient, so I’m wondering if there is any other way around this? E.g. to form some sort of a Trust? The way I see it you’re still giving 10%, you would just be reducing your tax bill at the same time. Any help would be much appreciated!!

Answer: No, there is no tax deduction for the money that you throw out of the window dear….

Items on Amazon Right Now for Deductible Gift Register:

SquareTrade 3-Year Electronics Warranty ($350-400 Items) $43.99 SquareTrade Care Plans are great value and cost 70% lower on average than traditional warranties.  Upon purchase, you will get an email confirmation.  You will not be mailed a paper contract.  If you have questions, please call: 1.877.WARRANTY….

2-Year SquareTrade Warranty plus Accident Protection for Kindle Fire, US customers only $39.99 …

LAKE COUNTY Calendar

Classes/Meetings/Seminars

Items on Amazon Right Now for Gifts To Clients Tax Deductible:

Community Calendar

Deadline for items for the Community Calendar is Wednesday noon two weeks before desired publication date.

Question: Can gifts to business associates be a tax deduction in Canada?

I run a small business, I have bought gifts to my suppliers and customers. Can I use these expenses as a tax deduction? (Canada)

Answer: yes, its an allowable tax deduction as long as the gift is under $750 in value, and not taxable in the hands of the recipient.

Items on Amazon Right Now for Tax Deduction Gifts:

Wallmonkeys Peel and Stick Wall Decals – Taxes – Removable Graphic WallMonkeys wall graphics are printed on the highest quality re-positionable, self-adhesive fabric paper. Each order is printed in-house and on-demand. WallMonkeys uses premium materials & state-of-the-art production technologies. Our white fabric material is superior to vinyl decals. You can literally see and feel the difference. Our wall graphics apply in minutes and won’t damage your paint or l…

Wallmonkeys Peel and Stick Wall Decals – Mortgage Interest Tax Deduction – Removable Graphic WallMonkeys wall graphics are printed on the highest quality re-positionable, self-adhesive fabric paper. Each order is printed in-house and on-demand. WallMonkeys uses premium materials & state-of-the-art production technologies. Our white fabric material is superior to vinyl decals. You can literally see and feel the difference. Our wall graphics apply in minutes and won’t damage your paint or l…

Wallmonkeys Peel and Stick Wall Decals – Pay Taxes – Removable Graphic WallMonkeys wall graphics are printed on the highest quality re-positionable, self-adhesive fabric paper. Each order is printed in-house and on-demand. WallMonkeys uses premium materials & state-of-the-art production technologies. Our white fabric material is superior to vinyl decals. You can literally see and feel the difference. Our wall graphics apply in minutes and won’t damage your paint or l…

Every Landlord’s Tax Deduction Guide $28.77 The only book on tax deductions specifically for residential landlords! Named a “Top 10 Real Estate Book” by Robert Bruss, syndicated real estate columnist If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the ser…

The Tax Deductions most often overlooked

Every year, the Internal Revenue Service dutifully reports the most common blunders that taxpayers make on their returns. And every year, at or near the top of the “oops” list is forgetting to enter their Social Security number at the top of the tax form — or making a mistake when entering those…

Make a Year End Tax-Deductible Gift at ARCW.org