Alert!
The recently passed “business-friendly” tax reform package just completely killed the 50% business deduction for “directly related and associated entertainment.”
That’s right. Last year you could take a prospect or client to a business dinner following the theater or a ballgame and write off 50% of the cost of the dinner and the theater or ballgame. (You just had to follow some reasonable rules.)
Forget it. That’s all over. I don’t want you to think that you have a deduction that you don’t. And I don’t want you claiming an illegal deduction that would get you into trouble with the IRS.
How can you stay out of hot water? Take my advice and read my new article titled Tax Tips: Tax Reform Wipes Out 50 Percent Business Entertainment Deductions!
Three ways our fact-filled article can help you:
- We’ll explain how tax reform has changed the law. Starting this year, you can no longer deduct entertainment intended to generate income or produce other specific business benefits. The 2018 tax reform prohibition against deductible entertainment is true regardless of your business discussion, negotiation, business meeting, or other bona fide transaction. You’ll get the whole story when you read the full article.
- You’ll learn what is specifically no longer deductible. For starters, you can forget about writing off business meals with prospects and clients, golf, skiing, tickets to athletic events, and more. You’ll get all the details when you read the full article.
- We’ll tell you the good news. (It’s actually not that great.) Because you can’t deduct this business entertainment, you don’t have to document anything. No logs are necessary any more. Well, that’s something. We’ve got more information waiting for you on this important subject when you read the full article.