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Strategies to Maximize Your Entertainment Deductions
Are you wondering whether or not your Masons or country club dues are tax deductible? The following are some tips that may assist you in making this determination.
While you may find these tips useful, it is always advised to consult your tax advisor when in doubt.
Dutch Lunches
Dutch lunches may be deductible. For instance, if you and a business associate eat lunch at a restaurant and you both pay your equal portion of the lunch, then each person can write off his or her share of the lunch.
Business Meals
Avoid having too many lunches with one business associate or the IRS may invoke the Sutter Rule, which disallows you from utilizing an excess of your personal living expenses on meals. It is advised that your keep your lunches with one associate under the IRS limit of 30 times annually.
Season Tickets to Sports Games
Do you hold season tickets to the New York Yankees games? These tickets may be deductible if the tickets are used as an expense directly related to the cost of doing business. For instance, if you discuss business over lunch, then attend the baseball game, then the baseball tickets are tax deductible.
Gifts
If you give a Christmas gift to a client, that gift may be deductible as long as the cost of the gift does not exceed $25.
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Moreover, the IRS allows business gifts to be written off to the tune of $25 per gift per person, per year.
Home Entertainment
Thinking about entertaining clients in your home? Your party or get together may be tax deductible when you discuss business during the home party or within 24 hour after party. The IRS does not require receipts if the home entertainment costs do not total more than $75.
Recreational Club Dues
Do you belong to a country club? Unfortunately, the IRS does not allow these dues to be written off against your taxes under the No Deduction Under Any Circumstances rule. However, if you belong to a business league, chamber of commerce, bar association or other professional organization, your dues are the exception to this rule. In addition, it may be wise to contact your tax adviser to determine whether or not your dues to the Masons are tax deductible as there has not been a precedent in this matter.
Entertainment on a Boat
If you are having a business outing on your boat or yacht, only the out of pocket expenses may be tax deductible, such as gas, fuel, food and beverages. If however, your boat is your primary source of transportation, this rule may not be applicable.
In summary, the IRS has several opportunities to take advantage of deductions while entertaining, dining and networking. The key is to learn how each IRS rule may benefit your particular business situation. Enlisting the assisting of a tax advisor is always recommended.
Author Resource:-
Ted Lanzaro, CPA owns and operates Lanzaro CPA, LLC, a boutique tax strategy, accounting and IRS debt resolution firm with offices in Shelton, CT. He can be reached by phone at 203-922-1742 or via email at Ted@lanzarocpa.com. You can visit his website at www.lanzarocpa.com.
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