2018 brought about major changes to the tax laws. One that impacts a lot of local businesses: 'Entertainment' is no longer an allowable expense item, and 'meals' have a few new rules.
Used to be a business could take clients to a sporting event or lavish dinner and take it as a business deduction, but no longer.
And taking an employee to lunch? Depending on the circumstances you might only be able to choose between including the meal as a wage expense included in the employees wages or not writing it off at all.
Does your business usually deduct meals and entertainment expenses? Come see us for a free consulation and let us help you understand how the new tax laws may impact what you've been used to doing.
Have questions?
Give us a call today to meet with one of our expert tax preparers!