First, the bad news:
As we explained previously, tax reform wiped out 50 percent business-entertainment deductions. Which means you can no longer write off “directly related or associated” business-entertainment expenses. In other words, you can wave good-bye to deductible business meals, ballgames, etc., with clients and prospects.
Now, for the good news:
All is not lost. Tax code Section 274(e) pretty much survived the entertainment deduction bloodbath. So you can still save if you know how to play the game. You’ll find many possible deductions when you read my new article titled Tax Tips: Tax Reform: Entertainment Deductions That Survived!
Six tax-reduction strategies that work after tax reform
Strategy #1: Rent your home to your corporation
Strategy #2: Take your employees on an employee party trip
Strategy #3: Go ahead and party with your employees
Strategy #4: Make your vacation home a deductible entertainment facility
Strategy #5: Create an employee-entertainment facility
Strategy #6: Deduct the entertainment facility by making facility use compensation to users)