While business friendly on many fronts, the new tax plan removes a few benefits such as meals and entertainment write-offs.
December 29, 2017
By: Diane Kennedy, CPA USTaxAid.com
It’s over 1000 pages long and there are a lot of little nuances to the new tax plan. Over the next few weeks, I’ll be highlighting changes that will impact business owners and real estate investors.
If you don’t have a business or invest in real estate, start. This bill specifically targets employees. Your tax form got a whole lot simpler and chances are, you’ll pay more
There are some changes for businesses too. One of those is for the meals and entertainment expense.
In the past, you could take a deduction for entertainment expenses if there was business associated before, during or after. For example, rent a sky box for your high roller clients and watch the game together. If you have a meeting before, during or after, it’s a write off.
No more.
Starting next year, the entertainment expense is gone.
Also gone is the meals “for the benefit of the employer” 100% write off. It’s now 50% and soon will be gone completely. So, for all those who picked up a latte and a bagel to eat at your home office desk while you checked your emails, sorry. You’ve only got a few more days of that one left.
Diane Kennedy is a fully certified CPA for USTaxAid.com who specializes in helping business owners and real estate investors protect their assets and keep as much of their money as possible. Let her help you create a tax and business strategy to maximize your benefits! Click here to get started in her coaching program.
This article was originally published on December 19, 2017 on USTaxAid.com, and is being republished here with the permission of Diane Kennedy.
