Here’s our favorite write-offs for the office.

Here’s our favorite write-offs for the office.

Here’s our favorite write-offs for the office. 1000 667 Ryan Holloway

Write-offs are tools to make work (somewhat) fun.

From catered lunches to new laptops, the write-offs we get for improving our office can be a wonderful way to boost employee happiness and retention, while also saving on your taxes as well. Knowing how to approach this powerful tool is crucial, which is why we’ve compiled a few of our favorite write-offs to look at for your team. Check them out below:

A note about write-offs.

Write-offs can be an excellent tool for necessary business costs. With that being said, just because you can write something off doesn’t necessarily mean it’s always something you should buy for your business. Not only does the credit you receive from write-offs vary depending on a bunch of different factors, but it’s a tedious way to spend your time trying to write-off every minuscule expense. 

On the flip side, write-offs also can contribute to understanding your buying power as a business. Although write-offs shouldn’t quite be looked at as a ‘line of credit’, balancing write-offs versus liability is always a balance worth keeping an eye on. With that being said, here are a few of the cans and cants of buying for your office:

New Supplies

Everyone gets to write-off supplies. What are supplies you ask? Anything that in the eyes of the IRS are reasonably used to conduct your business. Even things like laptops or new cell phones (as long as purchased for business use) can be written off. Additionally, small things like pens, notebooks, or calendars can be included too. Always a good category to include, supplies are nothing to sleep on.

New Equipment

Equipment differs from supplies in that it usually includes larger purchases that might have to be bought on credit, such as machinery or an automobile. As these are often depreciating assets, these purchases lifetime value is contingent upon the credit rate you got for the items, as well as the projected resale value when you’re anticipated to sell.

Company Parties & Events

Want to boost your reputation amongst your team while saving on write-offs? Throw more events. Not only are these great tax write-offs, but they also can help educate and entertain your staff. Plus, it’s a great way for everyone to network and get acquainted with one another, boosting morale too.

Big or small, always keep tabs on the repairs and improvements that were done to run by your accountant at the end of the year.

Repairs & Improvements

Getting repairs and improvements done for your office are an obvious expense, which of course is a write-off. Big or small, always keep tabs on the repairs and improvements that were done to run by your accountant at the end of the year. It’s also wise to package in some of these expenses ahead of time, giving you a tax write-off that also boosts the office environment.

Catered Lunches

Everyone loves a free lunch, including your staff. Catered lunches are usually an affordable option to throw in once a week (and for some larger companies, daily), providing a great write-off in the meantime as well. We’ll note that there’s a level of reasonableness to this (obviously, including a bottle of whiskey with every meal is a little excessive), however, don’t be afraid of eating well. After all, a healthy body makes a healthy mind.

Rent

For most businesses, rent is an easy item to include as a write-off. As long as you have a receipt, forward it along to your accountant and let them do the rest.

Improved Internet

Who doesn’t love solid internet? Not only does it help productivity, but it also shows a level of respect for the workplace. As a write-off, it’s always an option, with the added cost only having more upside than down.

Office Gym & Entertainment Items

We lump these together because they’re similar tax-wise. Having an office that shows you care about your employees’ lifestyle is always a good plus to have, especially if you’re looking for more tools that can help with retention and recruitment. For morale, these entertainment and health items help quite a bit in helping your employees bond too, finding common ground to build relationships.

How you should keep track of this stuff.

Ultimately, write-offs are something you might want to bring on an accountant to do. While software like TurboTax can help, solid bookkeeping will include the nuisances that after your accounts are reconciled, will show the numbers making much more sense. Don’t hesitate to reach out to us below if you have some questions about including write-offs within your tax plan, as we can run through any scenarios you might be considering.

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