Deducting Meals and Entertainment Without Getting AuditedPosted by Goode Lee on April 30th, 2021 website 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 great way to get out of the busyness of the office so we can clear our heads and discuss everything from the management of our office staff to specific tax issues there may be with this clients. We often take clients out to eat to access 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 best ways we grow our business is through networking, and a good way to get into networks is to take people out on the course or out for a good meal. Using meals and entertainment to create business is very common to most business owners. The important thing to remember is to keep accurate records, in order you are using different meals and entertainment to grow, expand, and maintain your business, also you can use these expenses as tax deductions. The IRS has specific rules and specific things they need you to record so that you can correctly document meals and entertainment in order to be tax deductible. That is why keeping accurate records is so 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 people are missing out on. You can find so many more deductions available--more than you understand. And you need not have a technical understanding of the tax system. Soulence Tax and Accounting is rolling out an audio CD program that may teach you all you need to learn about saving thousands on your own taxes.Like it? Share it! More by this author |