BUSINESS GIFT DEDUCTION: IRS Publication #463
Business gifts given to customers, clients, or prospects are a deductible business expense.
The maximum allowed deduction is limited to $25 per recipient per year.
The value of any gift(s) over the $25 maximum allowed deduction is not deductible.
Business will need to track and keep a written record of all business gifts for each recipient that includes:
1-The date(s), description, and amount of each gift given to the recipient.
2-The reason for the gift.
3-The recipient's name and relationship to the business.
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