It’s that time of year for gifts and presents for family and friends, but it’s also the time of year for businesses to make any last minute purchases for tax purposes.
Today’s blog features three gifts you can give your business this season, that are also tax write offs.
Many businesses say the end of the year is a great time to buy big equipment and upgrade computers. Is that true?
Many years I have purchased new laptops, computers and printers but this year I’m encouraging businesses to increase their VIDEO equipment. If you don’t have a solid camera for video, make the purchase. If you have a camera but could use a light kit or another studio enhancement. that’s a good way to go.
This leads us to the question what if a business wants to do something with a little more heart? I know that many businesses spend time this year in charitable areas, there’s an additional area to be generous…your team. Anyone who works for you should be extra appreciated or loved this time of year. While some companies can afford a Christmas bonus, others give their teams a turkey or grocery store gift card. Decide what is best for your business, but make sure your team knows they are appreciated. You could even buy gift cards now for future promotions and incentives.
The final idea I have to gift your business this year is to invest in your company’s growth and buy services. Now, here me out. If you’re a small business and you haven’t outsourced you accounting, this is a great time to get a good book keeper or tax accountant on retainer. Want to learn something about marketing? Find a marketing event to attend next year and buy a ticket and travel. Better yet, combine my tip 2 and 3 and invest in your team. If you’re a bigger organization don’t just give incentive programs for health…Give them each a “personal development” bonus. Decide on an amount and let them buy books, events or coaching that will help them grow personally or professionally