Deducting Meals and Entertainment Without any AuditedPosted by Goode Lee on April 28th, 2021 Some of the biggest business decisions and connections that business owners make are done over lunches or on the course. My business partner and I discover that going to lunch is a wonderful way to get out of the busyness of the office so we can clear our heads and discuss from the management of our office staff to specific tax issues t here may be with this clients. We often take clients out to eat to access know them better and to see if they want to use us as their accountants. That is great for us because one of the best ways we grow our business is through networking, and a good way to get into networks would be to take people out on the course or out for a good meal. Using meals and entertainment to create business is very common to many business owners. The important thing to remember is to keep accurate records, in order you're using different meals and entertainment to grow, expand, and maintain your organization, you may also use these expenses as tax deductions. The IRS has specific rules and specific things they need you to record in order to correctly document meals and entertainment so that they can be tax deductible. That is why keeping accurate records is indeed important. The last thing you need is usually to be audited for a golf game. The meals and entertainment deduction is one of the many overlooked tax deductions that folks are missing out on. You can find so much more deductions available--more than you understand. And you don't have to have a technical knowledge of the tax system. Soulence Tax and Accounting is rolling out an audio CD program that will teach you everything you need to know about saving thousands on your own taxes.Like it? Share it! More by this author |