How Can Businesses Make Valentine’s Day Candy Tax Deductible?
You can deduct Valentine’s Day candy if you figure out a way to make it business related. The IRS doesn’t say a lot about this topic because they don’t want to give you permission to deduct these items, but they also have not stated that you cannot deduct Valentine’s Day candy.
Here are four different ways for you to consider deducting those over-priced hearts of chocolates: info
1. Make a promotion out of it by attaching your business card or a promotional flyer to the candies that are being passed out.
2. There are many companies who will print candy wrappers with your logo on it which is an even better and more advanced way to promote your business and still have something sweet for the recipient.
3. Send a box of candy to potential or existing clients during February. This promotes your business and would likely not be questioned as a business deduction.
4. Make it a party. You can deduct a portion of a Valentine’s Day party if the party is to conduct or promote business. Typically this looks like an open house where you mingle with current and potential clients, play a few Valentine’s Day games, give out candy & treats, and discuss business. The IRS does not specify how much time you must spend discussing the business to claim a deduction but you must invite clients or prospects.
#tax2023#taxpreparer#taxes#valentines#valentinesday2023#taxdeductions#CPAfirm#cpaMickey O’Neal
