Running a business? Then, you know that money you spend for meals – or entertainment- that are business related are not fully deductible. Oh, sure, if you spend $ 100 wining and dining a client, your profits have been reduced by $ 100. Except that’s not how it appears on your Schedule C or Form 1120 or Form 1065. Because only 1/2 of that expense is deductible.
So, on my father’s birthday, I spoke about positioning. And, Jack Trout. And, branding.
So, last week I was having a discussion with a potential new client. The firm liked our expertise in taxation and finance, as well as management, but…
I’m sure you’ve recognized by now that many of our most creative individuals never get the credit they deserve. Sometimes, it’s because what they developed or invented was marketed by a large firm, so the credit goes to the company. Sometimes, it’s because the inventor or developer is a typical engineer, who prefers to be left alone. There are a slew of other reasons, besides.
Let’s consider a few claims made by both parties.
They believe in Capitalism, but not Crony Capitalism. Except they we protect firms with special rules to preclude their failure. They encourage these firms to line their pockets (oh, wait- they call them political contributions) so they write special tax provisions to give them unfair advantages.