Maximizing Your Tax Deductible Expenses

10th Jan 2022

If you've been in business for yourself for any amount of time, you probably are familiar with the IRS rule about client gifts: You deduct no more than $25 of the cost of business gifts you give directly or indirectly to each person during your tax year. While it does serve a purpose, $25 doesn't get you much these days! 

Do you give many gifts throughout the year? Would you give better gifts if you had a greater tax deduction? Let me help you maximize your deductions and work around that limit!   

When you purchase a gift from Deep Cove Creations, you always have the option to discretely engrave your business information somewhere on the gift. What is the point you ask? Well, adding your business information qualifies as an advertising/ marketing expense! Which is not subject to the $25 limit, instead it is 100% tax deductible! I'm sure my friends in real estate are familiar with a popular knife company's program. They engrave your name and business info on a set of knives so you are able to write off the full amount of the gift. This is the same principle. Only we offer a much larger selection of upscale gifts. 

So tell me... is 2022 the year you step up your gifting game?