Do you like to go out to eat?
Do you like to travel?
Do you have a monthly car payment?
Meals/drinks, flights/hotels and car payments are all deductible expenses if it's business related. Remember that the purpose of the expense has to be for business and it has to be a necessary and ordinary expense for it to qualify for a write off.
It sounds simple to be able to write off your last business dinner, but if you add up all of your business dinners throughout the year your total taxable income could be reduced by thousands saving you lots of money on taxes.
Tax season starts now! We're helping our clients with forecasting and tax planning so that they know how much money they will save and what they should expect come tax time. If you're looking for help with this, give us a call, we're happy to help!