Tax Deductions for Business Owners - Blog

We’re dropping the curtain on entertainment deductions:

The meals and entertainment deduction has been tweaked so often that it’s difficult for business owners to know which deductible and disallowed expenses.

Guide to Tax Deductions for Business Owners

Here are some meal expense categories you might be keeping track of:

Office snacks — if you occasionally provide coffee and snacks in the break room for employees.

Office meals  if you provide food to your employees for the required annual all-hands meeting.

Meals for the employer’s convenience  if you encourage staff to finish a project by providing meals for those who work overtime.

Travel meals — if your employees are reimbursed for meals they consume while on a business trip.

Business meals — if you meet a client or a business prospect for lunch and pay for both meals.

Company party  if you provide food and entertainment at your annual holiday party.

Entertainment — if, for example, you buy baseball tickets for employees, clients, or prospects and pay for all the food they consume that evening.

Of course, the meals and entertainment deduction is just one of the HUNDREDS of tax strategies you should apply.

For more tips on tax deductions for business owners, get in touch.

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