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. You see, that article is technically correct, but I still believe that you should write off your client and prospect business-meal expenses.
Why? I’ll give you a number of persuasive reasons when you read my new article titled Tax Tips: Tax Reform Update on Strategy for Business Meals with Clients and Prospects!
Three ways our fact-filled article can help you:
- You’ll learn why my advice is not aggressive. I understand that you may not want to go out on a limb and risk the IRS’s wrath. And I don’t blame you. But my advice on this matter is not aggressive if one of three conditions is met. We’ll explain exactly what they are when you read the full after-tax-reform article.
- We’ll tell you why there really is hope. We asked the House Committee on Ways and Means what it thought happened to the disappearing tax deductions for business meals with clients and prospects. The committee’s response indicates two ways these meals will become deductible without modifying the tax code. All will be reassuringly explained when you read the full after-tax-reform article.
- We’ll tell you how to proceed going forward. It’s crucial that you carefully document all business meals in 2018. There are four key facts about each meal you’ll need to prove to Uncle Sam. You’ll learn what they are when you read the full after-tax-reform article.