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 your bag of clubs in the car, read my new article titled Tax Tips: Tax Reform Cuts Business Tax Deductions for Charity Golf Outings!
Three ways our fact-filled article can help you:
- We’ll put the new law in historical context. Let’s say that last year you took three clients to a charity golf event put on by a school, church, or registered charity. And let’s assume that the cost for the foursome was $1,000. The good news then was that you could write off that full amount. No more! Starting on January 1, 2018, your only deduction is based on the charitable rules and that could reduce that $1,000 you spent to a $300 charitable deduction. We’ll explain exactly what’s changed when you read the full article.
- We’ll tell you what to do if you write a business check for the $1,000. For you to claim any tax benefit on the $1,000 expenditure, you have to deduct the money under the charitable contribution rules. Then, two (quite unpleasant) things will happen. We’ll explain what they are when you read the full article.
- We’ll give you advice depending on the kind of business entity you’re running. Is your business a proprietorship? An S corporation? A partnership? A C corporation? Each form of business requires a different taxpayer strategy. All will be made clear when you read the full article.