On this patriotic day that many of us will enjoy picnics on, here’s a bit of advice for your company. Most entertainment and meal deductions that you could take for your business are limited to 50 percent of the expenses. However, there’s a fun exception to that, company picnics or other gatherings of your employees could be 100 percent deductible. You might want to double check with us (or your own accountants) before actually doing this to make sure you’re following the rules (all employees invited, record the cost, date, attendees and business purpose) but you can have fun and write it all off at the same time.
Enjoy your fourth of July! And if you are picnicking, enjoy that as well!