Deductible Entertainment Taxes 
Money Talk
OCTOBER 11, 2023
Net business earnings can pay living expenses or provide cash for “extras” such as travel and entertainment and home upgrades. Tax Write Off for Health Insurance - On line 17 of Schedule 2, self-employed workers can take an “above the line” deduction for health insurance, which lowers their AGI.
Business Management Daily
MAY 3, 2021
Thorough, accurate recordkeeping proves the best defense should a tax person come knocking on the door. Large HR departments and sole proprietors both need to fully understand what a company can and cannot claim as a deduction. Incorrectly figuring home office deductions when self-employed. Questionable expense reporting.
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Business Management Daily
JANUARY 17, 2020
Tax audits are all about your records. Have sloppy, incomplete and inaccurate records and you will needlessly pay tax penalties. The IRS determined that a taxpayer was $17,925 in the hole for his income taxes, and, accordingly, was liable for a $3,585 accuracy-related penalty. Tax Court, 2019). Tax Court, 2019).
Business Management Daily
OCTOBER 14, 2019
The Tax Cuts and Jobs Act, however, changed the calculus by disallowing corporate deductions for expenses employees incur to entertain clients, customers, etc. Let me entertain you. Prior to the TCJA, 50% of the expenses employees incurred to entertain clients were deductible on your corporate return.
PeopleStrategy
APRIL 18, 2022
If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.
Business Management Daily
JUNE 8, 2021
While this might seem simple initially, you must consider a slew of legalities and tax regulations when managing employee expense reimbursement. When you have plans to reimburse your employees, you want to ensure it’s done with an accountable plan in place so you can repay them 100% tax-free. Meal and entertainment expenses.
Business Management Daily
JULY 20, 2022
Reimbursable expenses are typically not taxed. However, reimbursements related to fringe benefits typically are subject to payroll taxes such as income tax, medicare tax, and social security taxes. They are often counted as part of an employee’s gross income for tax benefits. Health insurance premiums.
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