E-filing for Income taxes for 2007 begins January 11th, 2008. Appointments are available starting January 9th.
Ask the Advisors
I'm often asked "How do I track my business expenses for entertainment and meals?".
It is important to justify the expense by following the requirements of tax laws:
A business meal must be arranged
for the purpose of conducting specific business.
You must discuss business before, during, or after a business meal
to qualify for the business meal deduction.
The meal must take place in surroundings conducive to a business discussion.
must adequately substantiate your meal or entertainment. It is good practice to keep your receipts.
an example of how to document the meal or entertainment in order for it to be deductible.
- Who was entertained (business relationship)?
- Where did the entertainment take place?
- When did the entertainment take place?
- Why did the entertainment take place (business purpose)? ,
- How much did the entertainment cost?