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Tax Deductible Gifts for Employees and Clients
Tax time is almost over but tax planning should be something that is thought about all year. With that in mind, you can write off gifts given to staff for special occasions – weddings, a new baby, the holidays. Beware, though, that if you give them gift cards or “near-cash gifts,” those are taxable as income, whereas gift items e.g. an Engraved Vase with flowers, are not. Gifts for clients are deductible, too. Anything you buy for clients would be a write-off, and don’t forget to personalize the gifts to make them more treasured. You can also add your company branding so your company will be remembered as well.