Writing Off Dining Expenses in 2018

Apr 30, 2018 No Comments by

We’ve recently received quite a few questions from clients about the new tax law, the Tax Cuts and Jobs Act (TCJA), and in particular, about the changes to business-related dining and entertainment expenses. Now, we’re not in the tax business, even though many products and services we offer provide certain tax advantages, so we hunted for one of the best resources we could find to help you stay out of hot water with the IRS on this particular change to the tax code.

Mark J. Kohler

Our colleague, Mark J. Kohler penned a great blog post that lays out the changes in meals and entertainment clearly and succinctly. Mark is a CPA, as well as an attorney, who focuses on working with small businesses to make sure they have the full story on changes within the legal, financial and regulatory aspects of running a business. Like us, he’s in the business of making sure that you protect your hard earned dollars and that you take advantage of every opportunity to keep dollars in your business and bank account.

A few key highlights include:

  • There are now four types of write-offs for dining and entertainment.
  • Make it easy on yourself and your accountant and set up the four different types of meals expenses in your accounting software and code your entries correctly.
  • Some 100% deductions are now only 50% deductible – find out which ones.

Mark also includes some great examples of business situations that are the most common and tells you how to apply the new tax law to each instance. There are also links to your federal Representatives and Senators so you can voice your opinion. There is still a lot of discussion going on in Congress about these particular changes so if you’ve got something to say – don’t hesitate – speak up now!

You can read the entire blog post here: Writing Off Meals Expense in 2018 – Master Chart of Option

Julie Ann Hepburn

At National Private Client Group, our goal is to empower you to take charge of your money and manage it so that you have maximum control over every dollar you earn. We hope this article helps to clarify some of the confusion over these particular changes in the tax code under the TCJA. For more information, please contact Julie Ann Hepburn via email or schedule a call/appointment.


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