Sentences with phrase «business entertainment deduction»

The bill would eliminate the state and local income and sales tax deductions, the medical expense deduction, the domestic production activities deduction, and the business entertainment deduction, along with many smaller provisions.

Support for business entertainment deductions, including the business purpose of the expense, the business relationship of the person entertained, and the time and place of the expenditure

Not exact matches

Deduction changes are coming for meals and entertainment, business automobiles, mortgage interest, alimony and medical expenses.

A deduction for expenses incurred for meals or entertainment is allowed only if the expenses are (1) directly related to the active conduct of business or (2) associated with the active conduct of business and directly precede or follow substantial business discussions.

Dig Deeper: Travel Tax Deductions How to Write Off T&E: Entertainment Like meals and lodging while traveling, entertainment for business purposes is 50 percenEntertainment Like meals and lodging while traveling, entertainment for business purposes is 50 percenentertainment for business purposes is 50 percent deductable.

It may be that losing some of the entertainment - related expense deductions will be offset by reduced tax rates in case of corporations and the new 20 percent qualified business income deduction for pass - through entities.

Under the new tax reform law, no deduction is allowed for business entertainment, beginning in 2018.

Entertainment expenses: The act disallows a deduction for (1) an activity generally considered to be entertainment, amusement, or recreation; (2) membership dues for any club organized for business, pleasure, recreation, or other social purposes; or (3) a facility or portion thereof used in connection with any of theEntertainment expenses: The act disallows a deduction for (1) an activity generally considered to be entertainment, amusement, or recreation; (2) membership dues for any club organized for business, pleasure, recreation, or other social purposes; or (3) a facility or portion thereof used in connection with any of theentertainment, amusement, or recreation; (2) membership dues for any club organized for business, pleasure, recreation, or other social purposes; or (3) a facility or portion thereof used in connection with any of the above items.

BY PHIL GOLDSTEIN Managing Partner Goldstein & Lieberman There are many highly palatable advantages to the 2018 Tax Bill but businesses may find one provision difficult to swallow: the IRS is no longer serving up a 50 percent deduction for «directly related and associated entertainment».

There are a number of tax deductions you can take when you conduct business, but two that you might overlook are meals and entertainment.

Ensure that you take advantage of all available deductions, including automobile expenses, parking, business association fees, home - office expenses (if you qualify), entertainment, convention expenses (a maximum of two per year), cell phone, depreciation on your computer and salaries paid to assistants, including family members.

Five deductions commonly targeted by the IRS are: entertainment, car and transportation, business gifts, home office, and equipment and supplies.

Does your business allow you to make deductions for meals and entertainment, travel or educational costs?

As real estate agents, you are eligible for a host of deductions — from car mileage to meals and entertainment — permitted you keep track of your business - related expenses.

In the case of business entertainment, you are allowed to take the meal deduction only if business was discussed during the meal, or immediately before or after.

Thus, the provision repeals the present - law exception to the deduction disallowance for entertainment, amusement, or recreation that is directly related to (or, in certain cases, associated with) the active conduct of the taxpayer's trade or business.