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Article Date:
October 2011


Word Count:
1027

 

 

Best Tax Deduction for Employee Party


Beware. Tax law requires two categories for your entertainment tax deductions.

 

Does your business chart of accounts contain two different accounts for entertainment? It probably should. The two types of entertainment tax deductions are as follows:

 

1.

50 percent deductible entertainment

2.

100 percent deductible entertainment

 

If you have staff training in your office and you take the staff to lunch, you have a 50 percent deductible entertainment. The 50 percent category is where your regular entertainment deductions reside.

 

The 100 percent tax-deduction category is for entertainment that’s exempt from the 50 percent cut, such as the employee party.

 

In this article, you will learn the following:

 

·

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