Tag Archives: meals

Per Diem

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Do you know that the IRS has not changed its policies on gifts?  That any business gift that costs more than $ 25 is taxable to the extent if exceeds that threshold?  That is has been in place since 1981- which means at the very least the IRS should have changed the deductible limit to $ 66.

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100% Deductible?

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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.

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Paper wins!

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I just finished my Jewish holidays- and then was inundated with folks who failed to file their taxes on the 15th of April.  And, what did they do for the ensuing six months?   From what I can tell, absolutely nothing.  Three of them brought the ubiquitous shoe box- you know, a year’s collection of receipts.  The problem?   Most of those receipts were printed via heat sensitive ink- and now, 10 to 22 months later, they are a mess of grey blobs, having faded to obscurity.

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