You may have no hint in choosing a Valentines Day gift for your partner. While flowers, chocolates, and a bottle of wine are ideal but should you give them to your partner year in and year out, it can turn out stale and uninteresting.So what are we to do? Valentines Day gift baskets are the perfect idea. Think of gift baskets as blank canvasses. You can reinvent disasters or masterpieces out of them. If you opt for gift baskets instead of the usual “single item in a standard looking box”, here are some ideas:Chocolates In Gift BasketsLet’s face it. Nothing is more sultry or more “Valentines” than chocolates. But take note though about the packaging. Men would rather have them in manly looking packages instead of the feminine-looking ones. Women, on the other hand, would love to have them inside feminine looking baskets. So, buy your gift baskets accordingly.Wines In Gift BasketsWine drinking is universal - both men and women love to drink wine. The differences can be in the choice of wines - red or white? Burgundy or chardonnay? If you opt for a wine gift basket, make sure that the wines you put in is of the […]
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Probably the most common business deductions are meals and entertainment. However, people are often confused about whether the expenses are fully deductible, partially deductible or not deductible at all.50% DeductibleThe general rule for deducting meals and entertainment expense is that 50% of the cost is deductible provided the following requirements are met.Requirement #1The expense has to be ordinary and necessary in the trade, business, or profession. In other words, it must be commonly accepted to have this expense and it must be appropriate in the trade or business. For example, business owners routinely have lunch with prospective clients to discuss business with the goal of attracting additional business. This is a common and necessary business expense.Requirement #2The expense must be directly related or associated to the active conduct of your business. To meet this requirement, you must engage in a business conversation during, before, or after the entertainment. If the business discussion is only incidental to the entertainment, the entertainment expenses do not qualify.The 50% limit applies to business meals or entertainment expenses you have while traveling away from home on business, entertaining customers at your place of business, a restaurant, or other location, […]
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