Is the $25 tax deduction limit for gifts per person or couple? Answer: The $25 limit is per person, for the year. If you are giving gifts to clients (who are a couple), each person could qualify for the $25…
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Taxes
It’s human nature to put off things that don’t fire you up. I usually put off cleaning my house until we have guests over and if you’re reading this, you probably put off doing your taxes until the last minute….
As I sit in the airport on my way to Round 9 of the amazing Creative at Heart Conference, I thought it would be fun to chat about how to expense all the things that go along with attending a…
As a business owner, receipts, copies of invoices, bills, and other paperwork can pile up quickly making our desks cluttered and offices messy. When you have a plan in place to organize all those papers, you can clear out quite a…
Any donations of your time, whether it’s to a 501(c)3 charitable organization or not, is not deductible as a business expense or personal tax deduction.
Since self-employment taxes start when you’ve earned $400 or more of self-employment income (doesn’t include W-2 wages), the IRS wants you to report that income as soon as the gross income is at or above $400.
If your clothing purchase satisfies the requirements found in the IRS Publication 17, then they can be deducted as a business expense. Your clothing must be specifically required by your employer and must not be suitable for taking the place of your regular clothing. If your clothing does not satisfy these requirements, consider them a personal purchase.
Raise your hand if you’re behind on your bookkeeping. (me!!) Want to know a secret? It happens, even to accountants. But please don’t beat yourself up about it. I’ve got three things you can do right now to get caught…
You can only deduct gifts up to $25 per person. Need an easy way to keep track of your client gifts? I’ve got you covered, just download my free client gift tracking spreadsheet.
Yes, since a gift certificate is essentially a promise to do work or produce a product in the future, it’s considered a liability (similar to a debt owed) on your financial statements. Once you perform the service or hand over the merchandise they purchased with the gift certificate, you take that amount out of the liability bucket, and move it into your revenue bucket.