If you have a business I suggest that you set up the following accounts:
Meals Expense: To record all client meals and employee business meals including travel meals. These expenses are 50% tax deductible.
Entertainment Expenses: Any cost of client entertaining other than meals. These expenses are not tax deductible anymore.
Employee Relations: To record all costs of company parties or employee meetings where all are included. Costs are 100% tax deductible.
Grocery Expenses: To record costs for coffee, soft drinks, and snacks for employees. These are 100% tax deductible.
No comments:
Post a Comment