Business Gifts in Tax Deductions

Part of the Video Series Tax Deduction Tips for Businesses

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Looking for business tax deduction tips? Learn how to deduct business gifts from your taxes in this free video clip about small business tax tips.

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Business Gifts in Tax Deductions
Hi, I'm Tom Choisnet, enrolled agent and this comes up all the time, people like to complain, "Why am I paying tax on my state income tax refund?" Well that's an honest lament. But what the truth is is that you can deduct everything that's held out of your check and (any) anything you paid during the taxable year, that's deductible too. So the state income tax refund taxation thing simply balances it out and it is accurate and it's kind of hard to see first time you look at it but it's right, just trust us on that one. And by the way, (on) if you are a renter and just barely get over the standard deduction, you may not have to pay tax on that full state income tax refund. You're only taxed to the extent that you receive economic benefit from your state tax refund. There are worksheets for this and you may want to look at them, or you may want to call your tax professional. Thank you for watching this clip and enjoy some of the others I have. I hope you learn from them. Thank you.

About the Expert

Expert: Tom Choisnet has been in self-employed tax practice for over 40 years, and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More