Have you ever taken the lump sum of your business gifts during a given year and then deducted that whole amount? If you have you aren’t the first person who has done that. The fact is that business gift deductions are limited to only $25 per recipient. An example of this is if you give $1,000 in business gifts to the same person in one year, you can only deduct $25 of that $1,000 as a business expense. On the other hand, if you give 40 different people $25 each, you can deduct the full $1,000 as a business gift expense.
Please consult your tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.
