Tag Archives: IRS

By Chris Peden The holidays are a time of year for spending time with family and friends, and showing appreciation for the people in your lives. If you gave small gifts to your clients or employees, you may be able to deduct the cost of some of your gifts on your taxes. The IRS outlines the rules in Publication 463 …

By Chris Peden According to IRS Publication 463, Travel Entertainment, Gift and Car Expenses, you can deduct the costs of meals and entertainment when they “are both ordinary and necessary and meet one of the following tests: Directly-related test Associated test So what does all that mean? “Ordinary” means that it would be the type of expense that a normal …