Have you ever thought about buying season tickets to the games of your favorite football, basketball, baseball, hockey, soccer, or other team? If you want to do so, you’ll have to buy a Personal Seat License (PSL). (It’s the license that grants you the right to buy the season tickets.) If you’re thinking about using the sports tickets for business entertainment purposes … [Read more...]
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How to make business entertainment 100% deductible
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...]
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...]