With Black Friday and holiday shopping around the corner, now is the time many businesses start making thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added into law back in 1962. Fifty-five years later, the $25 limit is unrealistically small in many business gift-giving situations. Fortunately, there are a few exceptions.
So Black Friday, Small Business Saturday and Cyber Monday have passed us by again. How did you do? Did you generate additional sales? Is it hard for your business to participate in these holiday sales events? Did you do the same thing as last year or did you try something new? With all of the conditioning that retailers have foisted on the buying public on top of the ability to research the best deal online, this is a tough time of year to stand out. That said, as a small business you have set in place a plan for how to acquire new customers and how to reward loyal customers.