Many meals are no longer tax-deductible for businessJerry C. Davis
Discover essential insights into managing small business expenses for tax purposes. Learn effective strategies to optimize deductions and maximize savings.
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The cost of business travel is also tax-deductible. Your trip must consist “mostly” of business; if you go away for five days, for example, three of those days should be spent meeting clients or suppliers. You can only write off “ordinary and necessary” business expenses, and you ne...
Don’t confuse this with other types of dues such as Chamber of Commerce or other professional organizations such as BNI. Those dues are 100% tax-deductible, although there is some scuttle butt about BNI and other networking groups since a portion of the dues are for meals. ...
Those dues are 100% tax-deductible, although there is some scuttle butt about BNI and other networking groups since a portion of the dues are for meals. Client Gifts Yuck, more IRS publications stuff on the way. In IRS Publication 463, here is the blurb on client gifts: You can deduct ...
Business meals can be challenging, especially when it comes to understanding all the rules and expectations. Whether it’s the dress code, business etiquette, or tax aspects, we’ve summarized the most important FAQs for you here so you can shine at your next business lunch or dinner. ...
Interesting fact: You can actually deduct the cost of meeting with a tax consultant who advises you on which expenses you can deduct. It’s known as a professional services deduction, and this deductible expense actually applies to a range of professionals who help with all things small busines...
Granted, this can be a gray area. If you go to Los Angeles for business purposes and spend a day at Disneyland while there, your tickets to the park are not deductible. Your flight to and from L.A. should be deductible, as long as you're ready to prove that you spent most of yo...
Business Tax Deductions: An Overview The Internal Revenue Service (IRS) defines deductible business expenses as those that are "ordinary and necessary" to the business. Of course, the agency backs up that ambiguous phrase with a mountain of rules about deductible expenses.1 ...