That's the point. That's why I do it. I know in my heart it is a legitimate 100% full business expense. The concern for me is how to make sure it is reflected that way in the books. I talked to another tax guy around here and he said, "this is easy- just pay your guys more and have them buy...
Perhaps it's worth revisiting that convo- but I think you might be exaggerating a hair. I don't want to give as much as possible- I want to give what is rightfully owed.
In this case, I don't see how it counts as a 50% expense.
love
nick
Interesting. I'd see the opposite way.
With cash, there is no trail.
If I categorize it as office expense, "the" could ask to see the receipts later and then be like, "so what office supplies are you getting at Guisados Tacos?"
So I guess it boils down to "do you wanna lie or steal!"
love...
Exactly. Last year I ended up spending $2,803 on it. Meaning I paid tax on $1,400. That's a few HUNDRED that the IRS got and didsn't deserve.
Just trying to get a guage on how y'all are handling (or would handle) such a situation.
So last year my accountant learned me something very interesting. If I have an expense categorized as "Meals and Entertainment" I only get to claim 50% of that as a business expense.
One of the fringe benefits I provide is often buying a nice lunch for the guys (it gets expensive some...
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