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1080ez Publication 4492 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Introduction This publication explains the major provisions of the Katrina Emergency Tax Relief Act of 2005 and the Gulf Opportunity Zone Act of 2005. 1080ez Useful Items - You may want to see: Publication 526 Charitable Contributions 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 547 Casualties, Disasters, and Thefts 946 How To Depreciate Property Form (and Instructions) 4506Request for Copy of Tax Return 4506-TRequest for Transcript of Tax Return 4684Casualties and Thefts 5884Work Opportunity Credit 5884-ACredits for Employers Affected by Hurricane Katrina, Rita, or Wilma 8863Education Credits (Hope and Lifetime Learning Credits) 8914Exemption Amount for Taxpayers Housing Individuals Displaced by Hurricane Katrina 8915Qualified Hurricane Retirement Plan Distributions and Repayments Prev  Up  Next   Home   More Online Publications
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Bureau of Engraving and Printing

The Bureau of Engraving and Printing produces United States currency notes, operates as the nation's central bank, and serves to ensure that adequate amounts of currency and coin are in circulation.

Contact the Agency or Department

Website: Bureau of Engraving and Printing

E-mail:

Address: 14th and C Streets, SW
Washington, DC 20228

Phone Number: (202) 874-2330 (Public Tour Information)

Toll-free: (877) 874-4114(866) 874-2330 (Public Tour Information)

The 1080ez

1080ez 3. 1080ez   Gifts Table of Contents If you give gifts in the course of your trade or business, you can deduct all or part of the cost. 1080ez This chapter explains the limits and rules for deducting the costs of gifts. 1080ez $25 limit. 1080ez   You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. 1080ez A gift to a company that is intended for the eventual personal use or benefit of a particular person or a limited class of people will be considered an indirect gift to that particular person or to the individuals within that class of people who receive the gift. 1080ez   If you give a gift to a member of a customer's family, the gift is generally considered to be an indirect gift to the customer. 1080ez This rule does not apply if you have a bona fide, independent business connection with that family member and the gift is not intended for the customer's eventual use. 1080ez   If you and your spouse both give gifts, both of you are treated as one taxpayer. 1080ez It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. 1080ez If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. 1080ez Example. 1080ez Bob Jones sells products to Local Company. 1080ez He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. 1080ez They paid $80 for each gift basket, or $240 total. 1080ez Three of Local Company's executives took the gift baskets home for their families' use. 1080ez Bob and Jan have no independent business relationship with any of the executives' other family members. 1080ez They can deduct a total of $75 ($25 limit × 3) for the gift baskets. 1080ez Incidental costs. 1080ez   Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. 1080ez   A cost is incidental only if it does not add substantial value to the gift. 1080ez For example, the cost of gift wrapping is an incidental cost. 1080ez However, the purchase of an ornamental basket for packaging fruit is not an incidental cost if the value of the basket is substantial compared to the value of the fruit. 1080ez Exceptions. 1080ez   The following items are not considered gifts for purposes of the $25 limit. 1080ez An item that costs $4 or less and: Has your name clearly and permanently imprinted on the gift, and Is one of a number of identical items you widely distribute. 1080ez Examples include pens, desk sets, and plastic bags and cases. 1080ez Signs, display racks, or other promotional material to be used on the business premises of the recipient. 1080ez    Figure B. 1080ez When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. 1080ez (Do not use this chart if your home is your principal place of business. 1080ez See Office in the home . 1080ez ) Please click here for the text description of the image. 1080ez Figure B. 1080ez When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. 1080ez 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. 1080ez   Any item that might be considered either a gift or entertainment generally will be considered entertainment. 1080ez However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift. 1080ez    If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. 1080ez You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. 1080ez   You can change your treatment of the tickets at a later date by filing an amended return. 1080ez Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. 1080ez    If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. 1080ez You cannot choose, in this case, to treat the cost of the tickets as a gift expense. 1080ez Prev  Up  Next   Home   More Online Publications