tax deductibility

Tax Preparation: Tax Deductions on Business Gifts

When it comes to being a professional or owning a business, there are many circumstances that warrant gift giving. This also applies to clergymen. As a result, the IRS allows business owners including clergymen the ability to deduct expenses for small gratuities and gifts. Gifts given in a professional capacity are often given in order to build goodwill between a business or leader and clients, prospects, congregation, vendors, or employees.

When it comes to determining tax deductibility for these gifts, the IRS publications 535 and 463 outline the rules and guidelines but in general the dollar value of a gift… Continue reading