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Tag Archive for Business Gifts

Deducting Business Gifts And Local Transportation Expenses That You Incur On Your Job

Business Gifts

If the nature of your job requires you to give gifts to customers, the cost of gifts given directly or indirectly to a customer is deductible up to a maximum limit. The following rules apply to gifts:

• You cannot claim a gift deduction of more than $25 per person. (Incidental costs, such as engraving on jewelry, or packaging and mailing, are not included in determining the cost of the gift).
• A gift to a customer’s family member is considered an indirect gift to that customer.
• If both spouses give gifts, they are treated as one taxpayer with one $25 limit per Read more