Do you sponsor a sports team, or have you thought about sponsoring one? This kind of sponsorship can be great PR for your company and position you as a community-minded citizen. But what are the tax implications of becoming a team sponsor? What are the relevant questions you’ll need to ask yourself? For example, can you deduct your sponsorship of a sports team, even one … [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...]
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...]
Tax Reform Cuts Business Tax Deductions for Charity Golf Outings
Maybe you’ve heard that because of tax reform Uncle Sam won’t let you write off the cost of golf with clients or prospects. But did you know that with tax reform lawmakers also killed the 100% business deduction for charity golf and other special charity sporting events? Want to find out more about the changes in the law and how they will affect you? Before you throw … [Read more...]
Tax Reform Allows 100% Deductions for Business-Meal Presentation Expenses
As I’ve explained recently in the Tax Reduction Letter, the new tax reform law has done serious damage to business-entertainment and meal-expenses deductions. Take a client or a prospect out to lunch or a show and you can forget about writing off the costs. But there is still some good news. If you make business presentations, related expenses can be deducted in … [Read more...]