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Entertainment expense write off
Posted on 7/4/17 at 5:02 pm
Posted on 7/4/17 at 5:02 pm
Does anyone know how much you can write off on entertainment expenses in an incorporated business? I want to say it is around $20,000 but not sure. Also wasn't sure if that's just one person or the whole business
4
Posted on 7/4/17 at 8:31 pm to sasquatch69
Dunno the answer to your questions, but I will be in Oxford later this month and would be happy to help you maximize your deductions for next year!
Posted on 7/5/17 at 7:35 am to sasquatch69
Generally, it's limited to 50% of the actual expense. But there are limitations on what is deemed entertainment.
Posted on 7/5/17 at 9:47 am to sasquatch69
You can talk a deduction for half your expenses, provided they are legit and supportable.
Posted on 7/6/17 at 12:11 pm to LSUFanHouston
So if you take someone out to dinner for $100, only $50 of it is an expense? The rest is subject to income taxes?
Posted on 7/6/17 at 3:07 pm to baldona
Yes, $50 is considered a personal benefit since it is assumed you also ate dinner.
Posted on 7/6/17 at 4:46 pm to The Spleen
quote:
Yes, $50 is considered a personal benefit since it is assumed you also ate dinner.
Interesting. While I understand that, 50% also seems like BS. Most are not going to eat out the same with a client and without one, I mean I'm not going to pack my client a ham sandwich my wife made for our business meeting.
What if you take out 2 clients and are by yourself? Ha, good old tax law. Too many dumbasses took advantage of this in the past I know.
This post was edited on 7/6/17 at 4:47 pm
Posted on 7/7/17 at 9:52 am to baldona
That turns into a record keeping deal. Do you really want to sit down after taking clients out for a meal and itemize what each one ate and you ate? Imagine the time it would take if you entertained clients all the time. For most companies it's probably not worth the hassle.
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