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3 Expenses to Write Off This Holiday Season

The holidays are a particularly busy time – especially for businesses. Most employees want extra time off with their family to celebrate, which means less manpower to get all of the work done. Also, since it’s the season of giving, your company often has to spend money on holiday related expenses for your partners and staff. Although this adds additional workload, the good news is you can write off many of these fees. Learn what top 3 expenses accounting firms in Los Angeles recommend to write off this season.

Holiday Parties

First, it is very common to throw a holiday parties for your staff at the end of the year. This is a great way to thank them for their hard work throughout the year. It can increase morale and allow employees to bond in a non-work environment. Since this event can add to your year end expenses, make sure to write it off come tax time.

Partner or Gifts

Furthermore, many companies like to get gifts for their partners during the holidays. When you do this, you strengthen the relationship you have with your partners and thank them for all that they have done for you throughout the year. Keep in mind that you should never pay for these gifts out of pocket. Instead, you should write them off on your tax return.

Customer Appreciation Initiatives

Finally, during the holiday many companies invest in simple tokens of appreciation to thank their customers. These can include holiday candies, greeting cards, or a gift with purchase. Although small in cost, it may add up to purchase one of these for every customer in your database. Fortunately, accounting firms in Los Angeles often write off this expense that occurs at the end of the year.

If you have questions about what expenses you can and cannot write off during this holiday season, it is important to talk with accounting firms in Los Angeles. Their expertise will help you prepare your tax return properly.