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Article Date:
February 2010


Word Count:
814

 

 

Business Gift Basket Tax Deduction


During the holiday season, I send gift baskets to colleagues, referral sources, and select customers. My purpose is to keep my name in front of these people for obvious business reasons. Can I write off the cost of the gift baskets as a business expense? (J.T., New London, CT)

 

Yes, you may write off the gift baskets as business gifts but only up to $25 annually for each recipient.1

 

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