Today is March 7, 2014. The actual date on your calendar may not seem all that significant at first glance, but it’s an important day for small businesses and major corporations across the nation. In fact, this day has been recognized on the first Friday of March each year since 1995. Are you still stumped? OK…it’s Employee Appreciation Day!

Showing appreciation for your hardworking employees is a must, whether they are W-2 employees or 1099 independent contractors. Today, many small business owners and CEOs will be throwing pizza parties, handing out tasty cupcakes, or giving away free movie tickets to those in their places of work as a thank-you for what they do every day. From those who labor in scrap yards to those who work in retail stores, it’s always great to recognize effort in any kind of trade.

Building & Maintaining Employee Loyalty

Recognizing the great efforts of employees, especially those who go above and beyond a person’s normal responsibilities, is a fantastic way to build loyalty among your team members. When employees know that you are aware of their hard work, they’ll feel more connected to you as the business operator and to the overall goals of the company itself. This can help retain employees so that they work for you longer, and it can make your life easier by not having to go out of your way to constantly reassemble your staff. In other words, you can keep the best employees onboard to help your company prosper toward a bright future.

The Meals and Entertainment Deduction

While buying employees food or gifts can cost a lot, don’t forget that there are also tax breaks on money spent for meals and entertainment for Employee Appreciation Day or, for that matter, any day of the year. Small business owners can typically write off 50% of the cost of a meal or an entertainment activity as a business expense. It’s important to take full advantage of any tax-saving opportunities that the IRS offers like this one.

1-800Accountant is Here For Your Small Business Needs

Turn to 1-800Accountant for all of your small business accounting and development needs. Whether you need tax guidance on hiring employees or assistance with what’s involved in W-2 positions vs. 1099 positions, 1-800Accountant has all the answers to your questions. Call 1-888-749-01171-888-749-0117 or click over to www.1-800Accountant for details on specific services.

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Written by Taylor Covey

1-800Accountant's goal is to help new businesses grow. Our team of accounting professionals get small businesses started right by offering t...