With tax season upon us, it’s important that small businesses are familiar with this year’s tax law changes.
Although we’re not tax accountants, we do work diligently to be sure that all tax deductible expenses are categorized correctly. This ensures that your tax accountant can accurately calculate your tax liability.
Are you aware of the changes for 2018 that are impacting small businesses?
—Client entertainment expenses are no longer deductible
—Most meals will only be 50% deductible whether the expense was for clients, employees or business travel.
Accurate bookkeeping is one of the keys to the success of a small business. Make sure you have a qualified financial team in place so that you can focus on growing your business.
Planning tip: Maximize tax deductions and save time on tax preparation by setting up separate accounts for business meals (50 percent deductible), entertainment (nondeductible), and recreational/social employee expenses (100 percent deductible).