I admit it. We’re in trouble.
Now that I’m saying that- you are in trouble, too. As a matter of fact, every business, every entrepreneur, every solopreneur is in trouble.
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.