Are Gift Baskets a Business Tax Deduction?

Posted on June 12, 2008 
Filed Under Laws and Contracts

Work with a certified public accountant to understand what is tax deductible and what is notDiane asks:

“I am trying to capture our local Real Estate market for closing baskets and would like to know if the Real Estate Agent can write the basket expense off on her income tax as a business deduction? I think that would be a good tool to use to try and snag the account.”

I’m aware of how some of my clients deduct the gift basket orders I fulfill for them; however, the question you ask is best answered by your accountant.

Business laws aren’t always the same in every city, county, state, and country. I’m not an accountant, and I’d be irresponsible to advise you on this matter. That’s true for anyone who’s not a CPA (certified public accountant).

I agree with you that knowing and sharing this information is a good tool during a presentation. If you’re not yet working with a CPA, small business owners with whom you network may be able to recommend one to you (that’s how I found my accountant).

A 30-minute or one-hour meeting with a CPA is worth the investment, as you can ask many questions during that time frame.

Once you learn the right answer from this knowledgeable source, you’ll move forward confidently with your real estate market presentations.

Comments

Leave a Reply