DAVID S. BABOIAN, CPA, PC

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2/14/2016

February 14th, 2016

Read Now
 
TAX TIP OF THE DAY...  #1 most overlooked deduction for rentals and small business?

#1 answer... Meals & entertainment.  
For rentals the deduction is rarely taken.  For small business the deduction is under utilized.  The deduction is specifically recognized and allowed by the Internal Revenue Code.  But taxpayers are often afraid to use this gem of a deduction.

THE RULES:  
You must discuss business before, during or after the meal or entertainment event.  You must keep the receipt and write on it 1) who was there and 2) what you discussed. 

In my judgement, a red flag deducting the GREATER of $300 or approximately 4-5% of gross income.  But I rarely see taxpayers deducting this much.  Don't be a chicken.  Follow the rules, and you will have no trouble.  Eat, drink and be merry!

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If you need a tax appointment... www.baboiancpa.com

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email