Deducting Meals and Entertainment Without any AuditedPosted by Goode Lee on April 28th, 2021 Some of the largest business decisions and connections that companies make are done over lunches or on the course. My business partner and I discover that going to lunch is an excellent way to escape the hustle and bustle of the office so we can clear our heads and discuss everything from the management of our office staff to specific tax issues there could be with our clients. We often take potential clients out to eat to get to know them better and to see if they would like to use us as their accountants. This is great for us because one of the best ways we grow our business is through networking, and a sensible way to get into networks is to take people from the golf course or out for a nice meal. Using meals and entertainment to build business is very common to many business owners. The main thing to remember would be to keep accurate records, so as you're using different meals and entertainment to cultivate, expand, and maintain your business, also you can use these expenses as tax deductions. The IRS has specific rules and specific things they want you to record to be able to correctly document meals and entertainment so that they can be tax deductible. This is why keeping accurate records is so important. The last thing you need is to be audited for a golfing technique. The meals and entertainment deduction is only one of the many overlooked tax deductions that people are missing out on. There are more info --more than you realize. And you need not have a technical knowledge of the tax system. Soulence Tax and Accounting has developed an audio CD program that will teach you all you need to know about saving thousands on your own taxes.Like it? Share it! More by this author |