Business Deductions
- Amortization
- Business Losses and Net Operating Losses
- Car and Truck Expenses
- Day-Care Services
- Depreciating Business Property
- Depreciating Your Car
- Domestic Production Activities Deduction
- Health Insurance Deduction
- Home Office Deduction
- Meal and Entertainment Expenses
- Organizational Costs and Start-up Costs
- Qualified Plan Awards
- Schedule C Expenses
- Section 197 Intangibles
- Should You Sell or Trade in Your Car?
- Start-up Costs
- Travel Expenses
More Tax Topics
- Business Structures
- Hiring Workers
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
Quick Links
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Need Some Deductions for 2011?
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Updated for 2011
Small Business Deductions: Qualified Plan Awards
Deducting Awards Given to Employees
A qualified plan award for length of service or safety achievement includes:
- An established written plan or program
- It does not discriminate in favor of highly compensated employees
- The average annual cost of all awards under the plan to all employees must not exceed $400 (excluding awards of nominal value).
Deduction Limit for Qualified Plan Awards
You may deduct up to $1,600 for all qualified plan awards (length of time and safety) given to the same employee during the year.
The overall $1,600 applies if the same employee receives some qualified plans awards and some non-qualified plan awards.
Non-Qualified Plan Awards
The maximum annual deduction for non-qualified plans awards for each employee is $400.
Related Links
- Domestic Per Diem Rates
- What Are Meal and Entertainment Expenses?
- The Rules for Deducting Meal and Entertainment Expenses
- The Restrictive Tests for Meals and entertainment Expenses
- The Associated Test (meals and entertainment)
- Audit Proofing Your Meal and Entertainment Expenses
- Entertaining at Home
- Entertainment Costs of a Spouse
- Entertainment Facilities
- Tickets to Events
- Skybox Rental
- Club Dues
- Trade Association Meetings
- Business Gifts
- Gift or Entertainment?
- Taking Turns Paying the Bill
- How Much Can You Deduct?
- Transportation Costs
- Exceptions to the 50% Limitation Rule
- Where to Deduct Meal and Entertainment Expenses
Copyright © 2008-2012 Larry Villano. All rights reserved.