Melissa78
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Yeah...that is scary. I just checked my Pub463 that I still have on my computer. It has the "$25 Limit" in bold right at the beginning of the section devoted to "Gifts". It's in Chapter 3 - page 13 of the 2009 Pub 463. But yes, unless you got audited, they probably wouldn't even notice since it's under advertising. But now you can tell them next year! We got tired of telling our H&R reps how to do our taxes (they couldn't even do standard deductions- or weren't ASKING us if we had them....like "do you own a home, pay property taxes", etc. ) we started doing our own....and my DH is notorious for looking at tax publications/codes. I did this year because he and I got into such a big argument about my biz expenses. *hehe*Jolie_Paradoxe said:ooh, that's scary. My H&R block rep told me $35. Guess it didn't matter since she listed them differently (Advertising & Sample Distribution).
Jolie_Paradoxe said:I agree Bobbi. I spent 5 hours there, correcting and suggesting. In fact, she did not allow me to list my cell phone as a deduction since I received personal calls too. Once we hit negative, she told me we could stop inputting even though we hadn't even entered mileage! She argued with me about home office space, and kept making typos. At one point, she said...good thing you're watching!
I always do my taxes too, but the hubby wanted a "professional" to do it since it was my 1st year with a biz. I did get them to file it for $60 and paid an additional $30 to cover any difference owed due to mistakes. I'll be filing my own taxes, and probably asking YOU all the questions! ha ha
I did get a cooking show out of it, so I suppose it was worth it! ha ha
Melissa78 said:Its ok Laurie. I do know the $25 is right b/c i read that this weekend. I need to do some "creative accounting" because I often buy things for myself but I list it as COnsultant Gift so that I remember it was for me and I surely know I almost always spent more than $25. I still don't understand what category I put it under on my excel spreadsheet which is based on the expense categories given by TT. Maybe I'm not far enough into TT to figure it out. I'm still in the pen/paper stage with my spreadsheets. 2 days right???? 2 days.... *deep breath*
tys1031 said:Whatever you buy for yourself, can be claimed as business supplies if you have used them at your shows. I'm an accountant by trade (soon-to-be CPA). Feel free to PM me if you need help with where to classify things!
Melissa78 said:Can I jump thru the screen and hug you? The category on TT is "Office Supplies" - is that the same category as biz supplies in the accounting world? (In my simple mind it is but there is nothing simple about the IRS)
A consultant gift expense category refers to a specific category used to track and record any gifts given to consultants by a company or organization. These gifts may include items such as gift cards, event tickets, or other forms of appreciation.
Having a separate expense category for consultant gifts allows for better organization and tracking of these expenses. It also helps to differentiate between gifts given to consultants and other types of expenses.
Yes, there may be restrictions depending on the company's policies and guidelines. Generally, consultant gifts should be appropriate, reasonable in value, and not given with the expectation of receiving something in return.
In most cases, consultant gifts are not tax-deductible as they are considered a business expense. However, it is always best to consult with a tax professional for specific guidelines and regulations.
Consultant gifts should be recorded as a separate line item in the expense category, with a detailed description of the gift and its value. It is important to accurately track and record these expenses for proper budgeting and reporting purposes.