Employment Achievement Awards in Tax Deductions

Part of the Video Series Tax Deduction Tips for Businesses

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Need help filing your business taxes? Learn how to file employment achievement awards on your tax form in this free video clip about small business tax tips.

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Employment Achievement Awards in Tax Deductions
Hi, Tom Choisnet, enrolled agent again. I wanted to add a little more on the business gift. We talked about employment achievement awards, and I wanted to break out a separate section, because it seemed to be a little loop as to the business gift rules. So, I made some notes here that I'm going to refer to. Employment achievement awards have to do with length of service, or safety awards. They cannot discriminate to highly compensated- much as many of the pension rules - and it requires a minimum of five years service for them to qualify. And then on top of that, the average of such awards cannot exceed four hundred dollars. So it's just a little loophole that can help get around that twenty-five dollar per donee on the business gift. So I hope that's helpful and take a little look at some of the other segments we have. You'll enjoy the clips. 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