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.
Know Your Worth® – 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 Know Your Worth®.
The Know Your Worth® 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!