Deducting Meals and Entertainment Without Getting AuditedPosted by Goode Lee on April 30th, 2021 Additional info of the biggest business decisions and connections that companies make are done over lunches or on the golf course. My business partner and I discover that going to lunch is a great way to escape the busyness of the office so we are able to clear our heads and discuss from the management of our office staff to specific tax issues there might be with this clients. We often take clients out to eat to get to know them better and to see if they would like to use us as their accountants. That is great for us because one of the better 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 important thing to remember is to keep accurate records, so as you're using different meals and entertainment to grow, expand, and maintain your business, you can even use these expenses as tax deductions. The IRS has specific rules and specific things they want you to record as a way to correctly document meals and entertainment in order to be tax deductible. That is why keeping accurate records is indeed important. check here need is to be audited for a golf game. Additional info and entertainment deduction is only one of the many overlooked tax deductions that people 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 understanding of the tax system. Soulence Tax and Accounting is rolling out an audio CD program that may teach you everything you need to know about saving thousands on your taxes.Like it? Share it! More by this author |