We at CGF would like to wish you and all your families and friends the most wonderful of Holidays and a Happy New Year!
2020 has been a very challenging time for all of us in so many ways and throughout our world. Hopefully through all that has transpired we have grown and created a stronger bond of caring, and compassion with those around us in our daily lives.
Looking forward to 2021 and wishing you all the safest of Holidays and wellness throughout the New Year!
Real Estate- Tax Corner
Holiday Office Party Deductions: Must be for Employees & Their Spouses
100% of the costs associated with throwing a party for employees and their spouses or significant others is tax deductible. A party hosted for the sole benefit of employees and their families is 100% tax deductible.
However, if party also includes business owner’s friends, customers, independent contractors, vendors or any other business related associates, it is subject to the “Meals & Entertainment” limitation of 50%. The party must have a substantial business element to it. For example, there must be a business related discussion, reveal of a new product or service or any other matters relating to business. 50% of costs related to holiday party may be deducted by the business.
Where a holiday party includes both employees and other non-employee business associates, things become a little more complicated. 100% of cost allocated to employees can be deducted, but only 50% of costs to others may be deducted.
www. cgf-inc.com – phone – Ken – 458-209-1484 or email email@example.com
Corporate NMLS – 1913112 MLO – NMLS -1913394
CGF can beat other Private money lender rates – Inquire to compare.