August 21, 2018
According to new rules from the Tax Cuts & Jobs Act, meals and entertainment tax-deductible expenses for businesses have undergone considerable reform. Because the explanations of new deduction guidelines can be confusing, we’ve created this brief outline for you. A visit with your accounting professional to ensure your Chart of Accounts is correct may also be beneficial.
Keep expense details specific with coinciding receipts. Your bookkeeper will be grateful!
Remember, we are here to help, so contact our office any time for further explanation on new meals and entertainment rules.
Before I begin, let me just say that the chances that someone wins any lottery prize are always going to be extremely low. The chances are actually higher that you get hit by lightning than they are for you winning the Powerball lottery.
For many business owners, September tends to bring a bit of a slowdown. The chaos of getting kids prepared for going back to school has passed, and a focus on saving money tends to kick in as people prepare for the coming holiday spend. Combined, this can often translate into a lull for business owners.
This is a friendly reminder that the Q3 tax estimate payment deadline is coming up fast. Be sure to make your payment by September 15, 2018 to avoid penalties. Currently, penalties for late or no payment average about 4 percent. And wouldn’t you rather keep that money in your pocket?