Is the $25 tax deduction limit for gifts per person or couple?
Answer: The $25 limit is per person, for the year. If you are giving gifts to clients (who are a couple), each person could qualify for the $25 gift tax deduction. You can spend as much as you would like on the gift using your business income, however, only $25 per person will qualify for the deduction.
Be Your Own CFO – The small business owners’ simple guide to bookkeeping and taxes.
If you’re looking for a little kickstart to get your finances in order, I’d love for you to join me and my small business friends over at Be Your Own CFO.
The Be Your Own CFO program includes access to a Certified Public Accountant and a membership site that includes short videos and beautiful, downloadable guides that will walk you through the main topics in each lesson. Each lesson will be released on a weekly basis to ensure that you don’t get overloaded with information, and you have time to review and ask questions before proceeding. We have a private Facebook group for check-ins, questions, and accountability!