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Tax deductions for bingo? One of five strange IRS write-offs.

3. Business gifts – as long as you don't overdo it.

Koen Suyk/ANP/Newscom
In general, business gifts of up to $25 for an individual may be listed as deductions on a tax return. Widely distributed, identical gifts with your name permanently affixed, like squeeze balls, don't count toward the $25 limit.

  • By Mary Helen Miller Correspondent

The IRS is fine with giving gifts, as long as they aren't too lavish.

You’re allowed to deduct up to $25 in costs spent on business gifts for any individual person. And if you choose to widely distribute gifts that cost less than $4 and have your name permanently affixed, you don't have to count those toward the $25 limit. [Editor's note: This paragraph was corrected to show the deductibility of widely distributed, inexpensive gifts.]

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