Take A Bite Out Of Your Taxes With Office Snacks
While tax season has come and gone, it’s never too late to start thinking about write-offs for next tax season. As an office manager, you’re always looking for ways to make your dollar go further while keeping your employees satisfied. Office snacks are part of how you can do just that. Changes in tax laws mean that you can now write off your office snack purchases, meaning that now is the perfect time to sign up with Simpalo Snacks to have healthy snacks delivered to your office.
The Changing Rules Of Office Snacks
For your employees, many of the little office perks that make coming into work fun are made possible through tax breaks. Things like office snacks, foosball tables, and free coffee are considered de minimis benefits, or benefits that are “of little value.” Essentially, because they aren’t a form of compensation, these little perks aren’t taxed the same way as actual income or major benefits like health care or dental. For the 2017 year, many of these de minimis benefits, office snacks, in particular, were 100 percent tax deductible for business owners. That means a Simpalo Snacks variety box subscription was a wise investment for you and your business.
What’s Changed For 2018 And The Future
Unfortunately, all good things must come to an end, and so do the tax breaks surrounding these de minimis benefits. The tax reforms that went into effect December of 2017 do away with the 100 percent deductible status of office snacks. The Tax Cuts and Jobs Act of 2017 made it so that office snacks and other de minimis benefits were to a 50 percent deductible rate. That means that it’s still very affordable to enjoy snacks at the office.
While your healthy snack delivery subscription might be a little more expensive now, you can still offer your employee's achievement awards that are 100 percent deductible, making our employee appreciation snack box a great way to treat your employee to a fun reward while keeping your budget balanced.
These tax reforms are the first major tax overhaul since the 1980s and has scheduled out changes for the next several years. While your office snacks are still somewhat deductible now, these deductions will disappear entirely by 2025 according to the new tax laws.
But There’s Still Good News
While this might come as a surprise to some business owners who have happily provided their employee's snacks tax-free, there is still plenty of good news. Company holiday parties are still 100 percent tax-deductible, making it the ideal time to load up on office snacks for a little while.
For those employers thinking of getting rid of their Simpalo healthy snack subscription after this news, you’re probably thinking that this new expense isn’t worth its cost. You’d be surprised to find that the opposite is true. In a previous blog on the importance of healthy snacking, we laid out some of the benefits of offering your employees healthy snacks at work. While it’s hard to put a precise price tag on all of these things, you’ll likely see more money coming into your business even as you spend a little extra to have healthy snacks delivered to the office.
Still not convinced? Check out our variety snack box subscription options to find the one that meets your budget and your employee’s needs!