krzymomof4 said:How does that work if you don't have a receipt for tax purposes?
dianevill said:I just got off the phone with my friend, a CPA who does tax preparation, and yes, you can write off items you receive as a gift as long as you use them for your business. My own tax preparer said the same thing last year.
krzymomof4 said:I am very new to this. This is the first job I have had in 6 years, and the very first one that was "not a 9-5" job. Anyway, being as how I am easily confused when it comes to legal and tax issues, do they not report what they take out in "insurance". Just curious. Also, on the list of things we received as other income...do you just pick and choose what you claim for business purposes? Some of these things I know I can't claim like the bracelet and charms, but what about the things I am going to use for business, but haven't yet for drawing prizes at fairs and things?
fruit76loop said:You can claim the "insurance" deduction on your taxes as insurance! It is $24 a year.
The bracelet and watch are advertising! And you can write the products off that you give for drawings in one of two ways. If you are just giving something away for no return then it is considered a gift ad can only be written off at $25 per person per year. But if you offer it as an incentive, such as book a show get entered for a free "whatever", then this is an incentive and there is no tax limit on this.