July 4th is right around the corner. If you operate your own small business and throw a Fourth of July party for the benefit of your employees and contractors, you can fully deduct the following business party necessities when filing taxes with the IRS:
– Party location
It might be cheaper to hold a 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, park, beach area, or other location for a predetermined amount of time, you can fully deduct any expenses you incur for the location of your Fourth of July bash.
– Food and drinks
A Fourth of July party just isn’t right without food and beverages. Perhaps you could go with an all-American meal of hamburgers and hot dogs to recognize the occasion. Maybe you want to throw in some potato chips, potato salad, fruit, vegetables, and a red-white-and-blue cake. You certainly can’t party without some cool drinks, either. No matter what’s on your menu, you can fully write off these costs.
– Eating supplies
Enjoying food simply cannot be done without appropriate eating supplies. You may need plates, cups, napkins, utensils, trays, and other items to serve and eat food on. All of these eating supplies can be deducted as part of the Fourth of July bash for your employees. Fortunately, though, most of these items are quite inexpensive, especially when purchased in bulk.
– Party decorations
You can’t have a Fourth of July party without some cool decorations. Red, white, and blue are the obvious colors that come to mind. Think about getting some flags, banners, streamers, tablecloths, centerpieces and any other decorations you think would put everyone in a patriotic mood. While shopping for them, remember that they’ll also qualify as a business write-off.
If your party will take place outside, consider investing in some fireworks, bottle rockets, or other fun items – assuming they’re legal in your area. You could buy your own fireworks, or you could leave them to the pros and have someone come out to shoot them off for everyone to enjoy. Because they’re part of your party bill, they are one of the many business deductions you can take.
What’s a party without music? A quiet one. Download some tunes from your favorite music site, stream them from your laptop, or pay a DJ to come out and spin some classic records. Think of John Mellencamp and Bruce Springsteen as having recorded some well-known patriotic songs, such as “Born in the U.S.A.” Any money you put toward adding a soundtrack to your event is fully deductible, according to the IRS.
Get more IRS business deductions to help you keep more of your hard-earned income when you work with 1-800Accountant. Call 1-800-222-6868 or visit www.1-800Accountant.