As you may know, the Tax Cuts and Jobs Act tax reform decimated a host of valuable entertainment tax deduction. However, entertainment facilities luckily dodged a bullet and are still 100-percent tax deductible if you follow the IRS’s rules. What are they? You’ll find out when you read my new information-packed article titled Tax Tips: Entertainment Facilities after the … [Read more...]
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Tax reform update on business-meal deductions
Should you continue to deduct your client and prospect business-meal expenses in the face of recent changes in the tax laws? My answer is a resounding “YES!” Oh, I know. A while ago I wrote an issue of the Tax Reduction Letter titled “Yes, Tax Reform Did Kill Prospect And Client Meal Deductions.” This means you might reasonably wonder if I’m changing my tune. Not at all. … [Read more...]
Did Tax Reform Goof When Disallowing Deductions for Client Meals?
In recent days, we learned that lawmakers did not intend to eliminate business meals with clients and prospects. We’re not exactly sure how lawmakers can undo what they’ve done to the tax code in this area, but experience says that if there’s a will, there’s a way. We think it may take a technical correction to the tax code, but some speculate that you could get this done … [Read more...]
Helicopter View of Meals and Entertainment After Tax Reform
Want a helicopter view of meals and entertainment? Here it is, all in one place… An easy-to-read chart that will show you how the recently passed Tax Cuts and Jobs Act affects common meal and/or entertainment activities — activities that include clients, prospects, and your employees. Get on top of your 2018 meal and entertainment deductions! Our new chart will show you … [Read more...]
Yes, Tax Reform Did Kill Prospect and Client Meal Deductions
Want to take a client or a business prospect to lunch at a trendy restaurant? Go right ahead and enjoy the meal. Just don’t expect Uncle Sam to help pay for it. You see, thanks to recent so-called business-friendly tax reform, you can no longer deduct business meals. Those write-offs are dead and gone. Oh. I know. Some continuing education courses teach that business … [Read more...]