- Throw a Party
Nothing boosts morale like a good celebration. So throw a party for your office, but makes sure to keep it reasonable. Go ahead and tell your employees to invite their loved ones as they’ll be considered tax deductible as well. Fun activities such raffle-style door prizes are another way to add to the fun without going bust.
*One thing to be aware of is independent contractors. You may only be able to deduct 50% of their costs.
- Relax to the Max
Bring in a massage therapist, yoga instructor, or other professional of the like to conduct a therapeutic session. An over-worked and stressed out work force can lead to poor performance and bad health. Boost morale by adding a change of pace with this 100% tax deductible activity.
- Snack Attack
There’s nothing worse than “hangry” employees. So stock the snack cupboard and keep the coffee pot full. When it comes to food, snacks are a 100% deductible. Meals however, will most likely only be 50% deductible.
- Live on the “Fringe”
There are many tax-deductible fringe benefits you can offer employees that are not considered taxable income for employees. This type of morale-booster is a clear win-win for both parties and thus an ideal strategy for business owners. Such benefits include: education assistance, group life-insurance, transportation, and more.
*Business owners beware, the more luxurious the benefit, the higher the chance that it will be taxable to the employee.
- Upgrade Your Office Digs
When you upgrade your office you breathe new life into an oft stagnant environment. Such a change will improve employee’s moods and sense of pride. So buy those adjustable standing desks, change the color of those walls, and upgrade the break room TV. Recent tax law changes will allow you to write off those costs right away. Under the right conditions, a business can write off put to $500,000 in one year!
Of course, the traditional office isn’t for everyone, if you’re looking for a unique and high profile option—you might consider a virtual office. Virtual office’s are a great tax-deductible way to give your business legitimacy. Check out our Find an Office page to learn how this type of arrangement will benefit your business.