Question #1: I have a small business with a few employees. If I throw a holiday party for them can I write off the expenses?
Yes, the IRS will let you deduct all expenses related to throwing a holiday office party. You could also deduct the costs of presents for your employees, as long as you do not give out cash or items easily exchangeable for cash, such as stocks.
Question # 2: What are some last minute ways to lower my taxable income for the year?