TAX TIP: How to write off your Christmas Gifts this year.

​Did you know that you can write off gifts on your taxes? So before you go spend your hard earned money on gifts this Black Friday make sure to read below...

Here are Three simple steps on how to write off your Christmas gift this year...
STEP ONE
You must own your own business in order to do this. So if you have ever thought about starting your own small business, this would be a good time to start. Some people just start a business with a company that sells products they love, that way they get a discount throughout the year on their favorite products, have an opportunity to earn free products and have a tax write off at the end of the year.
STEP TWO
The gifts you are going to buy are from your own company, so essentially you are becoming your own customer. The benefits of this is that you already know the gifts you buy are the best because you did your research and love all your products. The other benefit is that you are using your gifts to sample to potential customers, therefore helping to build your business. Finally you are able to write off these gifts as business gifts for each person you purchase a gift for. 
STEP THREE
Here are the limitations...you can only spend $25 per person per gift. Well that is not to shabby right? Most people give gifts around this price range, especially if they have allot of gifts to give. Now this doesn't mean you can't go over that price for certain people but you can only write off $25 per person. What this really means is that if you are giving a $100 gift to someone, from the products your small business offers, then you are pretty much getting a huge discount plus whatever other discounts and promotions your company is offering...look out for those black Friday deals too. 

If this article was helpful please let me know. I'd love to hear from you in the comments below or email me at [email protected]

Speaking of gifts get your free gift from me today by clicking here.

Here is another article I thought you might enjoy from Fox Business, "The Tax Rules of Gift Giving".

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