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Will you be writing Christmas gifts off as a business expense?

  • Yes - I plan on writing off my holiday shopping.

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  • No - There's no way.

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  • I want to but I don't know how or if that's legal?

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So I might be writing off my holiday shopping this year. Now my logic is to use the actual costs method, under which gasoline is a legitimate business expense. I'm gonna buy gas gift cards for everyone in my family for X-mas. I know that's pretty slimy, and they might realize that I bought them for the write-off purposes. But if were buying gas gift cards for myself that's legit. Except I'll be giving them away, as if they're unused but still will be purchased for business purposes. Do you think they'd be a justifiable business expense in normal conditions?
 

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So I might be writing off my holiday shopping this year. Now my logic is to use the actual costs method, under which gasoline is a legitimate business expense. I'm gonna buy gas gift cards for everyone in my family for X-mas. I know that's pretty slimy, and they might realize that I bought them for the write-off purposes. But if were buying gas gift cards for myself that's legit. Except I'll be giving them away, as if they're unused but still will be purchased for business purposes. Do you think they'd be a justifiable business expense in normal conditions?
HaHa! Don't forget that even if you're using the actual expense method you still have to have a mileage log to justify your business % use for expense deductions.
 

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So I might be writing off my holiday shopping this year. Now my logic is to use the actual costs method, under which gasoline is a legitimate business expense. I'm gonna buy gas gift cards for everyone in my family for X-mas. I know that's pretty slimy, and they might realize that I bought them for the write-off purposes. But if were buying gas gift cards for myself that's legit. Except I'll be giving them away, as if they're unused but still will be purchased for business purposes. Do you think they'd be a justifiable business expense in normal conditions?
You really made so much profit with Uber that you need to find additional loopholes for business use deductions? The one bad aspect that might arise is that your gas consumption is way ahead of the norm. Don't have $30k in revenue with $15k in fuel charges for a Prius. Our company is all full size SUV's and with gas at $2.50/gal our fuel cost is around 8% of revenue. You don't want to stick out like a sore thumb and give the IRS a reason to audit you.
One more thing, unless you turn your vehicles over every 2 to 3 years the actual cost method is not beneficial for part time business use. Take the IRS standard deduction.
 
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