Plan the Rest of Your 2016 Award & Advertising Spending to Prep for Next Year’s April 15

Plan the Rest of Your 2016 Award & Advertising Spending to Prep for Next Year’s April 15

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Whew! Tax day is finally behind us. If you owed more than you expected to this year, ordering employee awards, swag, and promotional products now could save you money on your 2016 taxes. Planning your upcoming recognition and advertising can help you make the most of your tax deductions.

 

Employee awards & prizes are tax-deductible

If you host an employee appreciation event, run an employee weight loss challenge, or give out monthly, quarterly, or annual awards, you might be leaving tax deductions on the table. Awards and swag related to employee recognition is tax-deductible.

Here are just a few products you might be able to deduct:

 

Promotional products used in advertising could be tax-deductible, too

The IRS also allows you to deduct the cost of certain products used to market your company. To be eligible, items must be used to reach your customers and prospects, increase brand recognition, or provide information about your products and services. In other words, if your logo’s on it, it is likely deductible.

This potential deduction encompasses a large group of products. Here are just a few:

 

Plan your employee recognition and advertising now

There’s lots of opportunity to save money on employee recognition and advertising for 2016 and even in 2017. Take the time now to look ahead to the rest of 2016 and plan out the products you’ll need. To save even more money, plan out your recognition and advertising for 2017, too. If you buy 2017 products this year, you’ll be able to deduct those expenses on your 2016 return.

We’re not tax experts, so be sure to keep all your receipts and confirm with your CPA that your employee awards and advertising are deductible. But we are experts in inventive and quality employee recognition and promotional products. Contact Broadway Awards to get help planning your 2016 and 2017 awards.