Question

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?

Answer

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

If the total cost of all your business gifts to one individual during the taxable year ... Log in to view full article.