NickfromWI
King of Splices
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 times...like $20/person....we're not talking fast food here)
So needless to say, my "meals and entertainment" category is significant.
Can I categorize it as something else? I'm not trying to cheat the system. It was explained to me that the idea is that if I'm wining and dining a client- 50% of those expenses are spent on me. But I'm talking 3 or 4 guys (NOT me) out on a meal with the company card. Can that be fully deducted?
love
nick
One of the fringe benefits I provide is often buying a nice lunch for the guys (it gets expensive some times...like $20/person....we're not talking fast food here)
So needless to say, my "meals and entertainment" category is significant.
Can I categorize it as something else? I'm not trying to cheat the system. It was explained to me that the idea is that if I'm wining and dining a client- 50% of those expenses are spent on me. But I'm talking 3 or 4 guys (NOT me) out on a meal with the company card. Can that be fully deducted?
love
nick