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Getting around the $25 deduction limit for business gifts

March 24, 2018

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Getting around the $25 deduction limit for business gifts

March 24, 2018

 

 

At this time of year, it’s common for businesses to make thank-you gifts to customers, employees and other business entities. Unfortunately, tax rules limit the deduction for business gifts to only $25 per person per year. But there are exceptions. Here are three: 1) gifts to a company for use in the business, 2) incidental costs of making a gift, such as engraving or shipping, and 3) gifts to employees (though other limits apply and they may be treated as taxable compensation). Be sure to properly track and document qualifying expenses.

 

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