Getting around the $25 deduction limit for business gifts

Description

Abstract: Sometimes doing business entails making gifts to customers, clients, employees, and other business entities and associates. For numerous reasons, such gifts often make perfect business sense. Unfortunately, the tax rules limit the deduction for business gifts to a less-than-generous $25 per person per year — a limitation that hasn’t been raised in decades. But this article offers a quick rundown of some major exceptions to the $25 limit.