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.
If the total cost of all your business gifts ... Log in to view full article.