Regardless of your political affiliation or your opinions on tax policy, there are at least two provisions of the controversial Tax Cuts and Jobs Act passed by Congress at the end of last year that are detrimental to small business owners….I will certainly miss them. First, deductions for entertainment expenses are now disallowed (as of 1.1.18). No more tax break for “wining and dining” your valued clients and prospects. Second, the deduction for meals provided by an employer to staff at the office are now limited to 50% of the cost, rather than being fully deductible. Small business owners can, and probably should, continue to budget for these business development and team-building activities, but do so knowing these activities will no longer be subsidized by the federal government to the extent they used to be. Talk to your accountant or reach out to us if you have questions.
https://www.ericperkinslaw.com/wp-content/uploads/2016/02/PerkinsLawLogo3.png 0 0 EPManager0 https://www.ericperkinslaw.com/wp-content/uploads/2016/02/PerkinsLawLogo3.png EPManager02018-03-29 08:35:442018-03-29 08:35:44#RVABizLaw Tip of the Day: Two Provisions of the Tax Cuts and Jobs Act of 2017 that are Party Poopers for Small Business Owners