The IRS takes plenty of your money. So why give them even more than they’re entitled to? And you may be doing just that. You see, Uncle Sam’s business-entertainment tax-deduction rules can mislead you into cheating yourself out of totally legitimate entertainment deductions. Want to make sure that you’re taking every penny of every tax deduction you’re entitled to? Then … [Read more...]
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The right way to claim business entertainment deductions
Can you successfully claim a business deduction for that breakfast meeting at a hotel? Or dinner at a night club? Or a meeting at a vacation resort? Or a round of golf at your club? The answers to these and related questions can be extremely tricky. Which is why you should check out my new article right now. It explains the crucial difference between “business” and … [Read more...]
How to avoid the 50% business-meal disallowance rule
Let them eat cake!… but make sure they eat it on your business premises. Seriously, where you entertain, eat a meal, or hold business meetings matters a lot to Uncle Sam and determines how big a deduction you can claim. For example, if you go out and party with your employees, you can enjoy a 100% deduction. But if you have a genuine business meeting with your employees at … [Read more...]
Create a deduction for an “entertainment facility”
Do you use any of the following for business entertaining? yachts + hunting lodges + fishing camps + swimming pools + tennis courts airplanes + apartments + hotel suites + or similar facilities If you do, you may be able to deduct the use of these “entertainment facilities” and reduce your tax bill. But be careful! The IRS can be tough on these deductions which is why smart … [Read more...]
How to deduct that trip to sunny Jamaica
Ahh, Jamaica! There you are on that beautiful island for nine sun-drenched days. You’re there to work, of course, but you also want to spend time lounging on the beach with a Daiquiri in hand. Let’s interrupt this fantasy for a moment to ask a rather mundane and practical question. (I am an accountant after all!) “What part of this idyllic trip is deductible — and what … [Read more...]