Showing posts from November, 2018

November Tax Saving Tips

IRS Says TCJA Allows Client and Prospect Business Meal Deductions In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act. This is very good news indeed. Under this new IRS guidance, you may deduct 50 percent of your client and prospect business meals if 1.     the expense is an ordinary and necessary expense under Internal Revenue Code (IRC) Section 162(a) and is paid or incurred during the taxable year in carrying on any trade or business; 2.     the expense is not lavish or extravagant under the circumstances; 3.     the taxpayer, or an employee of the taxpayer, is present at the furnishing of the food or beverages; 4.     the food and beverages are provided to a current or potential business customer, client, consultant, or similar business contact; and 5.     in the case of food and beverages provided during or at an entertainment activity, the food and beve