Looking to Write Off Meals and Entertainment Costs???
Here are some guidelines to help you determine which is a business or personal expense.
Many businesses do not realize the benefits of hiring an accounting professional. In our daily business practice, we have come across clients who have had their tax return prepared by a "friend" or someone who prepares tax returns "on the side" Usually, when the client approaches us, it is because they have a problem – which is often a tax audit. The client doesn’t know why they were selected.
By: Michael L. Williamson, Tax and Accounting Specialist
Many business owners are fully aware of some of the common legal expenses, such as drafting a shareholder’s agreement, reviewing the contents of a lease agreement, reviewing an employment agreement, etc. The list is extensive. You might also know that these expenses are all deductible to the business. The business gets the tax break.