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Batter up! Touch all the tax-deduction bases

by on
in Business Etiquette,Workplace Communication

With spring training upon us, you may have lined up season tickets for the local baseball team. However, you won’t be able to deduct any expenses if you use the tickets personally.

Strategy: Arrange to take clients or prospects out to the ballpark. Besides building good will, you can write off the cost of the tickets plus other out-of-pocket expenditures.

Here are the ground rules: If you attend a game with a client or associate, you can deduct the cost only if the event qualifies as business entertainment. In other words, the game must precede or follow a substantial business discussion. You can deduct 50 percent of your qualified entertainment expenses.

However, if you don’t tag along—say you give away the tickets outright—you have a choice: The cost may be deducted as either business entertainment or a business gift. The IRS limits the deduction for business gifts to just $25 per recipient.

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