Celebrating the holidays and saving on your taxes is a perfect combination when holding a fully deductible holiday party for your business.
Do you see the lights? Do you hear the music? Do you feel a chill in the air?
The holidays are here, and most people celebrate the festivities with family, friends, and co-workers. If you run a small business, Uncle Sam might actually let you write off an entire holiday office party – whether or not you’re naughty or nice!
Here’s what you can deduct as part of such an expense when filing your business income taxes with the IRS:
– The place for your party
It might be cheaper to hold a holiday party right in your office complex. Or, you could invite your employees to your home. But if you need to rent out a banquet hall or other location for a predetermined amount of time, you can fully deduct any costs you incur for the location of your holiday bash.
– Food and beverages
A holiday party just isn’t right without food and beverages. Perhaps you could grill up some shish kebobs and corn on the cob. Maybe you want to throw in some potato chips, potato salad, fruit, vegetables, and a red velvet cake. You certainly can’t party without some refreshing drinks, either. No matter what’s on your menu, you can fully write off these costs.
– Serving supplies
Enjoying food and drinks simply cannot be done without appropriate serving supplies. You’ll probably need plates, cups, napkins, utensils, trays, and other items for serving purposes. All of these supplies can be deducted as part of a holiday bash for your employees. Fortunately, though, most of these items are quite inexpensive, especially when purchased in bulk from your local warehouse store.
– Party decorations
You can’t properly celebrate the holidays without some cool decorations. Red, white, yellow, and green are some of the popular colors that come to mind. Think about getting some lights, ornaments, trees, figurines, tablecloths, centerpieces, and any other decorations you think would put everyone in a festive mood. While shopping for these items, remember that they’ll also qualify as a business write-off on your IRS income tax return.
– Holiday music
What’s a party without music? Hardly a party at all. Download some tunes from your favorite music site, stream them from your laptop, or pay a pianist to come out and play some holiday songs. Think of “Jingle Bells” or “Grandma Got Run Over By A Reindeer.” Any money you put toward adding a soundtrack to your event is fully deductible as a business expense, according to the IRS.
For more IRS business tax deductions to help you keep more of your hard-earned income, consider working with 1-800Accountant. Call 1-800-222-6868 or visit www.1-800Accountant.
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