If you are giving a gift to business associates or clients you know very well, you can get a little more personal and take their interests into account. If they are avid golfers or enjoy cooking, for example, you might consider giving some golf balls or a cookbook. Otherwise, you should avoid anything that might be misconstrued or might leave the recipient feeling embarrassed or offended. It's usually best to avoid alcohol as a gift. This could lead to an awkward situation - if the recipient has had a difficult experience they're trying to put behind them, for example.
Some people simply consider alcohol an inappropriate gift between professionals.
As important as it is to not offend, you also don't want to play it too safe - you want to leave a lasting impression. Think about how many calendars your client might get this holiday season. A magazine or trade journal subscription, for example, will remind them of you every time they receive an issue. Regardless of what gifts you choose to give this holiday season, most business etiquette experts agree on how you should give it. Wrap the gift as nicely as you can, include a handwritten note expressing your gratitude, and, if possible, deliver the gift in person.