Eat up!
Thanks to changes in the Tax Cuts and Jobs Act (TCJA), it’s now much easier to write-off business meals for you, your customers, other business contacts — and even your spouse!
That’s right. The IRS has reverted to the pre-1963 (more business-friendly) “ordinary” and “necessary” business-expense rules.
So what are they? We’ll explain fully when you read my new article titled Tax Tips: How To Get Bigger Business-Meal Deductions?
Here’s just some of what you’ll learn
when you read the full article.
- We’ll explain what the IRS considers to be “ordinary” and “necessary.” Understanding these terms will make your life (and your accountants life) much easier
- How to deduct business meals even if you don’t discuss business
- Why you need to entertain at a place that’s “conducive” to a business discussion
- How to deduct a business meal served in your own home
- The right way to deduct “goodwill” meals
- How to deduct the cost of your spouse’s meal when she/he comes along for a goodwill meal with a customer, prospect, consultant or similar business contact
- What documentation you’ll need to provide if the IRS ever calls you in for an audit
- And much more!
The bottom line?
Eat, drink, and be merry, for tomorrow you deduct.