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New year, new rules on deductibles. Before you sit down to work on your taxes (or with your accountant), remember that some of the deductibles revolving around meals and entertainment have been UPDATED. We want to keep you up-to-date with the most recent information possible. Use the handy chart below to know what you can deduct and what’s not an option anymore.
You’ll notice that the majority of changes are with business trips or meals. Your good ‘ole office snacks and beverages are still 100 percent deductible. It’s important to be honest with your deductibles. Use them to your advantage, but use them honestly.
The Olympics are well under way and so is tax season! Have you ever wondered what the Olympics and accounting have in common? If we’re being honest, probably not. But, lucky for you, we’re here to show you how the two are related.
If you want to win the gold in curling, you have to win the gold in your accounting, as well. If you are an ice skater, that is your job, so your skate are tax deductible! Same with every other professional sport, as well.