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Are Gifts Deductible Expenses?

gifts Tax Deductions for Gift Giving

Giving gifts to clients can be a valuable method of building goodwill and loyalty. It’s one way to distinguish yourself from your competitors. Gifts are usually given during holiday seasons, for birthdays, significant transactions or simply as a thank you. When you buy a gift for use in business, you need to know if it qualifies as a tax deduction.

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