Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Save Money on Taxes - Let Uncle Sam Pay for Your Fun! > NetSparsh - Viral Content you Love & Share

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"

O.K. You've been working really hard on these lessons. Now its time for some fun. Are you with me? Imagine if you could spend time with friends, eating, drinking and seeing shows and your company could foot the bill? Wouldn't that be GREAT! Fasten your seat belt, we're going on a (tax-deductible) journey?

Tax Secrets of the Rich found here

Our first stop is meals. There are several great ways to deduct your meals. The first is to turn your social outings into business meetings. No Fun, you say. Watch this, I say. Many of my lunches are already spent with colleagues and associates. That's the way it is when you're in business for yourself. You start spending more and more time with business partners and associates. Asset Protection Techniques

Well, if I have lunch or dinner with a friend, that's NOT tax deductible. But, if I discuss business with that same person, suddenly it becomes a deductible expense. And what does it take to officially discuss business? The IRS says that that the following conversation will suffice:

Your Associate: "How's Business?"

Your Reply: "Great, but I could always use more business" (with the inherent request for referrals) That's it. You've just turned a social gathering into a legitimate business meeting and the meal becomes 50% deductible. Don't forget to document it properly.

What about having a meal with your spouse or "significant other." We'll the IRS is pretty darn smart, so they aren't about to let use write off all our romantic dates. Yet they realize that when two couples go out for a meal, that's a great time to discuss business in a relaxed setting. So the rule is that if you and your spouse enjoy a meal with another couple and you have that same business discussion outlined above, the meal is (50%) deductible. You want more? No problem. Tax Strategies

How about dinner and a show. Or what about a full day on the golf course? The rule is that if you have a business meeting that is followed by entertainment, or entertainment that is followed by a business meeting, that's a deductible expense. The IRS wants to see that you have a table or some other flat surface available to you during the meeting, so that you can sign documents, etc. Same thing goes for skiing, the movies or even a day at the beach. How about a ball game or even the Super Bowl? Just precede or follow it with a business meeting and document what you discussed.

One more, you say. Fine here it is. Imagine that you work for a large insurance company or law firm. You're involved in a big case and you're up against a touch deadline. Your boss comes in toward the end of the day and says, "I need you to work though dinner tonight- we've got to come in under that deadline. Don't go home for dinner, just order in, on the firm". Its called "supper money" In essence, your boss has allowed the company you work for to buy your dinner.

Your own company can do the same for you. Just don't forget to document your expenses properly.

Sincerely,
Drew Miles, The Tax Saving Attorney

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

In The News:


New York Times

Republicans Passed a Budget Bill. What Does That Mean for Tax Overhaul?
New York Times
The vote sets the stage for what could be a wild ride of tax debate over the next few months, which Republican leaders hope will end with President Trump signing a bill into law by Christmas. The big question is whether their ambitions can survive a ...
Trump pledges biggest tax cuts ever as Senate paves wayPBS NewsHour
Trump's Tax Plan Takes a Big Step Forward, But What Comes Next Won't Be EasyBloomberg
Trump tax cuts: A 'win' for the GOP, a disaster for the rest of usBaltimore Sun
New York Post -Yahoo Finance -Arkansas Online
all 449 news articles »

Los Angeles Times

Ryan says tax overhaul will include a bracket aimed at the wealthy
Los Angeles Times
House Speaker Paul D. Ryan said Friday that the Republican tax overhaul will include a fourth bracket for the wealthiest Americans to ensure that high earners don't benefit more than the middle class. The bracket would be “designed to make sure we don ...
Ryan: Tax plan will include higher bracket on the richPolitico
House GOP to Keep Higher Tax Rate on Wealthy, Ryan SaysBloomberg
Hilarious Paul Ryan Forgets to Mention That He's Concealing Trump Tax ReturnsNew York Magazine
The Hill -CBS News -NBCNews.com
all 115 news articles »

New York Times

Senate passes budget blueprint, key to Trump tax effort
Reuters
WASHINGTON (Reuters) - President Donald Trump's drive to overhaul the U.S. tax code cleared a critical hurdle on Thursday when the Senate approved a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue a tax-cut ...
Senate Approves Budget Plan That Smooths Path Toward Tax CutNew York Times
Senate approves budget kick-starting GOP tax reform effortCNN
Senate Democrats fail in first attempt to save state and local tax deductionLos Angeles Times
Washington Post -Bloomberg -USA TODAY
all 2,220 news articles »

USA TODAY

IRS will block or suspend your tax return if you don't do this
USA TODAY
The IRS is warning tax professionals that it will block or suspend processing of 2017 income tax returns that do not comply with Obamacare rules requiring filers to disclose their health insurance status. The new move to tighten Americans' compliance ...
IRS Changes Position, Will Not Accept Tax Returns Which Are Silent On Healthcare CoverageForbes

all 17 news articles »

USA TODAY

Wounded and disabled, this veteran is burdened by loan forgiveness taxes
TheBlaze.com
So between federal and state taxes, interest and penalties, he owes about $70,000 that he can't pay. He tried to work a state job when his military service ended. But he couldn't maintain that employment because of struggles with concentration and memory.
Student debt forgiven, but wounded vet gets $62K tax bill - USA TodayUSA TODAY
Wounded veteran sees student debt forgiven but $62K tax billWTOP

all 5 news articles »

MLive.com

Sushi restaurant pleads guilty to stealing sales taxes collected on meals
MLive.com
Sushi Samurai on Orchard Lake Road, owned by Christina and Dong Hyun Chang, entered guilty pleas in Oakland County Circuit Court on 64 felony charges relates to embezzling sales taxes and underreporting income, according to Attorney General Bill ...
Oakland Co. eatery pleads guilty to tax chargesThe Detroit News
Fishy accounting snags owners of Sushi Samurai in Orchard LakeDetroit Free Press

all 5 news articles »

The Economist

Higher taxes can lower inequality without denting economic growth
The Economist
In advanced economies, taxation already has an impact. The Gini coefficient (a standard measure of income inequality) is around a third lower after taxes and transfers than it is before them. But whereas such policies offset around 60% of the change in ...


Chicago Tribune

Illinois math: Higher taxes, fewer employers
Chicago Tribune
Cook County's penny-per-ounce soda tax was the worst beverage idea since New Coke. Actually, the soda tax was worse than New Coke, because people love pop enough to forgive the Coca-Cola Co.'s transgression. They don't feel the same warmth ...

and more »

Telegraph.co.uk

Let's cut to it ... lower taxes will lift growth
Telegraph.co.uk
One of the great tragedies of our times is how the Government seems to look upon tax cuts as a historical curiosity. Theresa May is an accidental revolutionary: her government has been tasked with Brexit, and it feels unable to think the unthinkable in ...

Google News

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction

If you are environmentally conscious and purchase a 2005 Ford... Read More

How to Check the Status of Your Tax Refund Online

So, you were pleasantly surprised to learn that you are... Read More

History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those... Read More

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share

How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More

IRS Reports Tax Gap of $300 Billion

The Internal Revenue Service is reporting that the difference between... Read More

Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips

Recently, I stumbled across a concept that could change your... Read More

Electronic Commerce Taxation and Pakistan

Assume a buyer in Pakistan downloads software from the Internet... Read More

How to Maximize Your Home Business Tax Deductions for 2005

Someone once said, 'the best way to calculate your taxes... Read More

Small Businesses Filing Amended Federal Tax Returns to Recover Money

Small Businesses Filing Amended Federal Tax Returns to... Read More

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More

Take Control of Your Taxes

As everyone in the U.S. knows, we have just passed... Read More

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More

Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?

Tilting the Tax Laws in Your Favor.In order to accelerate... Read More

Truly Bizarre Taxes: The Tax on Illegal Drugs

One can never underestimate the enthusiasm that politicians have for... Read More

Taxing Overseas Firms for SOX Compliance

The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More

Knock-Knock-Knock

Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax... Read More

Business Tax Deductions

As we enter mid-March, taxpayers begin to become very interested... Read More

Tax Tips for Home-Based Business Owners

As tax time approaches, many home-based business owners begin completing... Read More

A Taxing Investment

April 15 - The most dreaded day of the year... Read More

The Internet Tax Man Cometh

Q: I was contacted by the city tax collector to... Read More

Navigating The Internet Sales Tax Laws

QUESTION: I have been contacted by my local city... Read More

Keeping Your Own Money ? NOT Handing It Over To The Taxman

Most people trying to make a crust online (or offline... Read More

How to Cut Duty Cost and Increase Profit as an Importer

Import duties continue to be significant elements in the cost... Read More

Small Business Tax Credit - Americans with Disabilities Act

Many small businesses complain when confronted with the expense of... Read More

Home Based Business Tax Deductions

Running a home based business reaps many wonderful tax deductions... Read More