Concierge CPA MAY 2018

8221 Brecksville Rd, STE 205 Brecksville, OH 44141

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

(440) 340-1030

INSIDE Life Lessons My Camera Taught Me Page 1

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Borbala@ConciergeCPAs.com

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Clients of the Month: The Burl Family Page 2 Deducting Meals in 2018? Read This First Page 4

DINING EXPENSES BUTCHERED IN 2018

The Tax Cuts and Jobs Act contains massive changes that have an impact on many aspects of our lives. The new law affects individuals, businesses, tax-exempt organizations, estate and gift taxes, and international taxes. We’ll look at the new law piece by piece to find opportunities that can benefit you and to help you avoid some potential pitfalls. As with most new laws, not every detail is clearly defined yet, so I’ll keep an eye out for updates and will let you know if something changes. Under the new tax law, the way you write off meals and food expenses in your business has changed.

with employees, and eating with partners or clients all have one thing in common: They’re confusing! Yes, most of it is still a write-off, but what percentage and how to stay out of hot water with the IRS, well … that’s a whole other question. First, let’s examine the types of meals. I’ll try to “set the table”with four main options to consider and what you should be tracking in your books.

Type 1: DiningWith a Prospect or Important Client

Type 4: Marketing Presentations, COGS Food Expenses, and Year-End Parties for Employees

Type 2: DiningWhile Traveling

Type 3: MealsWith Employees, Association Meetings, and Food for Employees

Under the new tax law, dining, meals, food in the office, food while traveling, eating

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