Perhaps it is because we are in the thick of baseball season in Cardinal Nation. Could it be the PGA Championship coming to Bellerive Country Club next month? Whatever the reason, the exclusion of entertainment as a tax deduction is a very hot topic around Purk & Associates.
We understand and are dealing with these changes in our firm as well. The way in which we are used to entertaining clients is evolving, but that doesn’t mean it has to stop. Here are a few ideas for you to consider when looking for ways to rub elbows with your clients or perspective clients and thank your team members as well.
Bring back the holiday party!
Many companies opted out of their annual holiday party back in 2008, when the recession struck, and have never really gotten back to it. Let’s face it, holiday parties can be a lot of work. However, they can also be a ton of fun! The holiday party is something that many people look forward to all year long. It gives them a chance to network with their colleagues, sometimes with their significant-other by their side. It also gives you a chance to connect with employees on a more relaxed and personal level than the typical corporate outing. You could even choose to open the invitation to clients and perspective clients, depending on the environment you are wanting to create.
Sound like too much work? It doesn’t have to be! Look into a full service event facility. They plan parties every single day. They can take your vision and turn it into your event of the year. So consider bring the holiday party back and taking advantage of this tax deductible expense!
Ok, when we think picnic, we think summer fun with the entire family. Americans have spoken and they value an employer who respects their needs for flex time and family. A company picnic is a wonderful way to invite your employees and their entire family for an afternoon of fun and bonding. For something like this, consider hiring an event planner to line up the details for your event. Be sure to ask about one of the amazing BBQ caterers here in St. Louis! As with any event, you can consider opening the invitation to clients. Nothing creates stronger relationships than spending some time together outside of the conference room.
You see, there are still plenty of ways, both casual and formal, to take advantage of fully deductible expenses. You just need to think outside of the box (office) more than usual.
Have an idea and want to know if you’ll be able to deduct it on your income tax? Contact your tax professional today!
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