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Here are some things you can write off for the holidays.

Dec52018

While the holiday shopping season is mostly about spending money there are a few things you can do to save a little money on taxes. Here are some year end tax write offs your small business can take advantage of during the holiday season. 

Get all your business supplies for next year at the end of this year. You can buy toner for the printer now and write off the cost for next year. Cleaning services and the like can be included if you want to prepay for something you won’t be using right away. 

Year end is a good time to look for this year’s bad debts. If you’ve got a bill that’s been hanging around all year without being paid, this is a good time to write it off as a bad debt. This is a good time to check out your books and see what’s outstanding.  

If your company is going to be hosting a holiday party this year, remember that some or all of it may be written off. Putting on a holiday party for your employees and their significant others and/or family members is 100% deductible. However, when vendors and a few favorite clients are invited, the occasion can still be partially written-off, but the interaction with these guests must be business-related. 

If you want to create a festive atmosphere in the office, you can have treats. The good news is some of these office treats can be a write off. When considering writing-off a well-stocked kitchen, the key is to be reasonable. Providing your employees with a catered lunch before the New Year? Go ahead and write it off. But if you make it a habit to Stock the fridge with juices and soda throughout the year you probably shouldn’t deduct it. 

They key to writing off certain things during the holidays is to keep good records of everything. Your records should make it easy to distinguish between what’s business related and what’s not. Check with your tax professional to make sure.

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By UNIKO Media Group

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J & D Income Tax started operations in 2004 in the state of Washington, later we moved to the state of California. Our company was founded by our need to make a tax return that was clear and with the support to all our doubts, that is why in J & D Income Tax we are available to help you with your tax preparation and your tax return, our specialists are highly trained and updated with the new tax reforms to be able to solve all your doubts and needs, giving our clients all the necessary information so that the process is clear and simple for them.
Recent Post.
  • Millionaires are more common than you may think and most of them are just regular people
  • It is possible that Social Security numbers may be on the way out as some believe.
  • If your tax refund check is late, it could be for some of these reasons.
  • With tax time here it’s a good time to look at your withholding.
  • It’s never too late to start a new career and there are good reasons why.
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