Dinner, Drinks and Deductions

August 21, 2018

According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.

  • The office holiday party has been salvaged and is still 100% deductible.
  • Taking a client golfing, out to a concert or giving them tickets to a sporting event all fall under entertainment expense. These perks are no longer deductible.
  • Meals taken while on mandatory business travel will remain 50% deductible.
  • Meals provided for the convenience of the employer (i.e. feeding an employee working through lunch or dinner) are now only 50% deductible.
  • Meals provided to the public to generate business remain 100% deductible.
  • Travel for business reasons and costs associated continue to be 100% deductible.

Keep expense details specific with coinciding receipts. Your bookkeeper will be grateful!

Remember, we are here to help, so contact our office any time for further explanation on new meals and entertainment rules.

Back to List

Client Center

Liscio

Join a scheduled video meeting with our staff.

Liscio Start Kits
How to Review My 1040

Go Mobile!

...and get what you need, when and where you need it!

A Next Generation Accounting Firm™

As a Next Generation Accounting Firm, we are committed to being on the leading edge of industry best practices. We have seamlessly integrated technology into our accounting services—supporting a highly efficient end-to-end digital process and eliminating the need for paper. Our advanced, web-based platform provides personal, secure portals where we deliver documents electronically and share information with you in real-time. Regardless of the day, hour or location, you have convenient, confidential access to your financial data with a few clicks of a mouse.

Memberships

 

Phone 610.250.0862 • Fax 484.626.8990
Email: info@vta.com