If you give gifts in the course of your business, you can deduct all
or part of the cost, but you cannot deduct more than $25 for each
business gift that you gave away during the tax year.
Incidental costs, like gift wrapping, packaging, insuring, and
mailing, are generally not included in determining the cost of the
gift.
Gift items that are exempted from the $25 limit are:
1. Any item that is less than $4 and it has your name clearly and
permanently imprinted on the gift, or if the gift is one of many
identical items that you widely distribute, like pens and cases.
2. Signs, display racks, and other promotional materials that are to
be used on the business premises of the receiver
Community Relations TReXGlobal.com
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Simple FREE to Use Web Tools for Real Estate Investors
Posted by QBConsultant on May 28, 2008, 2:46 pm
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Thanks for the reminder! You can send me a gift if you want to!
Michelle L. Long, CPA, MBA
Author of: Successful QuickBooks Consulting: The Complete Guide to
Starting and Growing a QuickBooks Consulting Business
http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Starting/dp/1434810690
Posted by Paul Thomas, CPA on May 28, 2008, 3:26 pm
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> Thanks for the reminder! You can send me a gift if you want to!
>
If you could send six "gifts" - one for each person in my office.......
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