The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, it’s a good idea to find out whether the expense is tax deductible.
The Tax Cuts and Jobs Act reduced certain deductions for business-related meals and eliminated the deduction for business entertainment altogether. There is an exception, however, for certain recreational activities, including holiday parties. Holiday parties are fully deductible provided they are primarily for the benefit of non-highly-compensated employees and their families. If customers also attend, holiday parties may be partially deductible.
Cheers!
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