Are the Halloween Treats and Costumes Tax Deductible???
Do you want to elevate your Halloween Celebration for fun and business? Well, we have some good news for you. If you follow these rules, the IRS will allow you to deduct the cost of the festivities.
The big bowl of candy you keep at the door is deductible and even better if it is branded with your business logo.
>>>Do you have any candy left after the big night?
You can donate it to nonprofits and get a tax deduction for the donation.
Did the business pick up the cost of employee customs for the festivities? You can deduct the cost and donate the ones you did not use for a tax deduction.
>Parties and Decorations
They are not deductible for individuals, but your business can deduct the costs of the decorations.
If you host a Halloween party to conduct business, the expenses associated with the event are deductible. Employee-only parties will not count, so remember to invite potential and existing clients to the event.
Suppose you hold a special event to attract more customers to your business around Halloween. Marketing costs may include newspaper ads, social media advertisements, flyers, business cards, radio and TV ads, billboards, signs, and display racks. Make sure to include these special Halloween advertising costs in your tax deductions list.
The holiday season is around the corner. Are you considering hosting parties (events) for Thanksgiving, Christmas, and New Year?
Book Your Tax-Free Assessment today to discuss the deductibility of Halloween and the upcoming holiday events.