As I hope you know, when you take a prospect, colleague, or client to a sporting event, you can deduct 50% of your entertainment costs. No big surprise there. After all, other kinds of business entertainment can also be deducted at the 50% rate. What you may not know, however, is that: If you’re entertaining at a certain kind of “charitable sporting event,” your costs are … [Read more...]
Entertainment
Sorted by Date
How to protect your business-entertainment meal deductions
Leave it to the IRS to put you smack in the middle of two conflicting tax laws! One law denies your deductions for personal meals Another law allows meals as tax-deductible entertainment When the IRS and/or the courts invoke the infamous “Sutter rule,” you lose your business meal deductions to the extent that they don’t exceed the cost of your personal … [Read more...]
Six Q&As about renting your home to your corporation, tax free!
We’ve written articles before that explained how you can rent your personal residence to your S corporation (or C corporation). Rent it out for 14 days or less and you could get some really nice tax benefits. For starters: Your S corporation will get a tax deduction that flows through to you on the K-1, and… You receive tax-free income from the rental Does this sound … [Read more...]
I’m going to Disneyland! (It’s deductible!)
Do you ever attend conventions or similar meetings? Great! Your attendance automatically qualifies as you having a “substantial and bona fide business discussion.” And when you precede or follow such business discussions with entertainment that takes place in a non-business setting, you can claim some big deductions. For example, going to a convention at the Disneyland … [Read more...]
Don’t cheat yourself out of business-entertainment deductions
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...]