Yes, the advice that @AnnetteB6 gave when she originally answered the question is still accurate and correct. You cannot deduct gift certificates given away. When they are redeemed, you still cannot deduct the value of the gift certificate, you simply deduct the cost of goods sold the same as you would any other time, but you will not have income to offset it.
If you are in a service industry, you will see less of a tax benefit when discounting your services or giving gift certificates as you cannot enter an expense for the physical work you performed, only supplies and expenses you incurred in performing that service.
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