Kidmans Partners ■ Accountants & Advisors’ Post

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, decorations, live music and venue rentals. No deduction is allowed if your staff consists only of family members. Inviting non-employees (other than spouses and significant others) complicates the issue. So before sending out your invitation list, contact us with questions about maximizing your tax deduction. #tax #taxes #taxdeductions #expenses #partycosts #holidayparty #employeeparty

With Christmas just around the corner, many businesses in the UK are planning festive celebrations. Staff parties, sending out gifts to clients and organising year end events are stressful enough, so it’s essential to understand how these expenses are treated for tax purposes. To help you stay compliant and make the most of the tax reliefs available this festive season, we look at the rules in more detail in our latest blog post. Don’t let the complexities of tax rules dampen your festive cheer - plan smartly and celebrate responsibly. #taxreturn #entertainment #smallbusiness #taxtips #accountant https://lnkd.in/ehnEgYNf

As you plan your company holiday parties keep a couple of things in mind: 1) Tax deductions for holiday parties may be limited if you invite prospects, clients or contractors. 2) Costs must not be lavish or extravagant; otherwise they may be reduced or denied. 3) Don't make a habit of throwing expensive parties for your team, otherwise expenses may be deemed as standard entertainment and therefore, nondeductible. 4) Whether held at your place of business or offsite is not usually a determining factor of deductibility. If maximizing your tax deductions is important to you, you might want to forego renting a private suite at MetLife Stadium. Instead, opt for renting a private room at your favorite sports bar and paying for a buffet dinner.

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, decorations, live music and venue rentals. No deduction is allowed if your staff consists only of family members. Inviting non-employees (other than spouses and significant others) complicates the issue. So before sending out your invitation list, contact us with questions about maximizing your tax deduction: https://bit.ly/3jcyo8o #tax #taxes #taxdeduction #business #holiday #holidayparty #cg #cgtaxauditadvisory

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, decorations, live music and venue rentals. No deduction is allowed if your staff consists only of family members. Inviting non-employees (other than spouses and significant others) complicates the issue. So before sending out your invitation list, contact us with questions about maximizing your tax deduction. Schedule a free consultation at https://bit.ly/4fp7pDe

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, decorations, live music and venue rentals. No deduction is allowed if your staff consists only of family members. Inviting non-employees (other than spouses and significant others) complicates the issue. So before sending out your invitation list, contact us with questions about maximizing your tax deduction. #TaxDeductions #HolidayParty #BusinessExpenses #EmployeeBenefits #TaxTips #SmallBusiness #BusinessTax #HolidaySeason #TaxPlanning #IRSCompliance

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, decorations, live music and venue rentals. No deduction is allowed if your staff consists only of family members. Inviting non-employees (other than spouses and significant others) complicates the issue. So before sending out your invitation list, contact us with questions about maximizing your tax deduction. #TaxDeductions #HolidayParty #BusinessExpenses #EmployeeBenefits #TaxTips #SmallBusiness #BusinessTax #HolidaySeason #TaxPlanning #IRSCompliance

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not be “lavish or extravagant.” Deductible costs include food, beverages, decorations, live music and venue rentals. No deduction is allowed if your staff consists only of family members. Inviting non-employees (other than spouses and significant others) complicates the issue. So before sending out your invitation list, contact us with questions about maximizing your tax deduction. #TaxDeductions #HolidayParty #BusinessExpenses #EmployeeBenefits #TaxTips #SmallBusiness #BusinessTax #HolidaySeason #TaxPlanning #IRSCompliance

🎄 Holiday Office Party Taxes: What You Need to Know Before You Celebrate! As the festive season kicks in, office holiday parties are a great way to celebrate with colleagues. But did you know some of those fun prizes and gifts could come with unexpected tax implications? From Secret Santa exchanges to raffle winnings, the IRS might take a slice of your holiday cheer. 💡 Don’t let taxes ruin the fun! Learn which gifts are tax-free, which are taxable, and how to throw a party that keeps the joy (and the taxes) away. 👉 Read the full article to stay informed and plan a worry-free celebration! https://buff.ly/3ZmEysV #HolidayParty #TaxTips #OfficeLife #ChristmasFun #IRS #HolidayPlanning #TaxSeason

Christmas Presents & Gifts 🎁 Christmas is nearly upon us and if you are struggling with buying gifts for your team members or find it hard to understand the tax on office parties, don’t worry, GreenStones are here to help! Please visit https://lnkd.in/euys3zRC to continue reading this blog. #christmas #tax #accountants