Deducting Meals and Entertainment Without having AuditedPosted by Goode Lee on April 30th, 2021 Some of the largest 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 good 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 could be with this clients. We often take clients out to eat to get to know them better also to see if they want to use us as their accountants. Additional info 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 would be to take people from the course or out for a good meal. Using meals and entertainment to build business is very common to most business owners. The main thing to remember would be to keep accurate records, so as 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 want you to record so that you can correctly document meals and entertainment in order to be tax deductible. This is why keeping accurate records is so important. The last thing you want is to be audited for a golf game. The foodstuffs 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 realize. And you need not have a technical understanding of the tax system. Soulence Tax and Accounting has developed an audio CD program that may teach you everything you need to learn about saving thousands on your taxes.Like it? Share it! More by this author |