February 07th, 2016
TAX TIP OF THE DAY... deduct Superbowl 50!
Are you getting together with others today to watch the big game? Will you discuss work before, during or after the game? Maybe you should... in order to DEDUCT chips, salsa, bean dip, chicken wings, pizza, subs, beer, etc. Certain meals & entertainment deductions are allowed by the IRS.
WHAT IS REQUIRED?
1) keep the receipts for your purchases
2) discuss business... new ideas, potential customers, current work challenges, current work solutions. Tell people what you do. All conversations can lead to future opportunities.
3) list on one receipt the attendees and a few ideas that were discussed
HOW LONG DO YOU NEED TO DISCUSS BUSINESS?
It depends. 30 seconds, 10 minutes or maybe the entire game if you are a real pest. Long enough to provide new opportunities... to increase income, to save money on expenses, or to develop new ideas (advertising, payroll, web sites, paperless solutions, new products, etc.). Discuss the details with your tax professional.
P.S. SUPERBOWL BETS ARE NOT TAX DEDUCTIBLE.
SHARE WITH A FRIEND.
If you need a tax appointment... www.baboiancpa.com
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David S. Baboian, CPA