Can I Deduct Entertainment as a Business Owner?
Beginning in 2018, entertainment expenses are no longer deductible for business owners. A business can pay for such expenses (think a round of golf with a client or court-side tickets for your best customer) but they will not reduce its net income for tax purposes.
However, an exception to this rule exists for "expenses for recreational, social, or similar activities... primarily for the benefit of employees." This means the company holiday party and outings are safe!
Related Articles
What Can I Deduct for My Business?
There is no comprehensive list of what you can and cannot deduct as a business owner. Every business and every industry is unique, so what you can write off will vary based on your unique situation. The IRS guidelines state that you can write off ...
Can I Deduct a Car or Vehicle?
Many businesses require the use of a vehicle—whether that is to deliver cakes, meet clients on location, or even transport customers as a chauffeur or ride-share driver! So, how can business owners maximize their deductions for the business use of ...
Can I Deduct Meals for My Business?
Whether you're meeting with a potential client, talking strategy with a business partner, or feeding employees, meals are a favorite deduction amongst business owners. Unlike other business expenses, the deductible rate for business meals is 50%. ...
How Do I Deduct My Home Office?
There are two methods for deducting your home office. Our team can help you determine which method works best for your situation. Standard Method With this method, you deduct the actual expense of your office. For expenses that only impact your ...
Can I Deduct My Home Office?
The home office deduction lets eligible business owners deduct expenses related to using part of their home for business. While it can be a helpful tax benefit, the IRS has very specific rules about who qualifies. The following outlines who is ...