When you take an entertainment deduction, make sure you do the followingEither write on the receipt who you took out or record it in an entertainment dairy.Make sure the entertainment occurs in a “business setting” so that business can be discussed. If you are going to a concert or a basketball game with a business associate, make sure there is a business setting you can discuss business at before or after the event. To be deductible, business has to be discussed.Record the elements of substantiation (who, what, where, when, why and how much). If you have all these things, you have a deductible entertainment expense. Even if it is lavish, it is deductible. Lavishness is not a disallowable offense according to an IRS audit guide for attorneys that has since been combined with the standard guide for all business taxpayers.
Brian’s General Musings
Sorry, no posting on the 4th of July. As on every other Independence Day since 1996, we were scanning the mountain tops for 15 mile long alien spaceships. I am sure Will Smith was at a barbeque this year as well. (Make sure you watch ‘Independence Day’ again; still one of my favorate invasion movies.)FInished setting up the second office. Amazing how 190 square feet shrinks when you put two desks. two chairs, a lateral file and assorted other stuff in it. Here is a picture
Brian’s Financial Musings
Is there still such a thing as free checking (or is it now just fee checking)? There are still some ways to get free checking, but you may have to jump through some hoops to get it. Some banks make you have direct deposit or keep a minimum balance or tie the account into your mortgage to give you a free account. There are also senior (Over 50 or 55) free checking accounts and free online checking accounts. Here is a link to compare free checking accounts:http://www.findabetterbank.com/So maybe there is some free checking after all (after the hoops of course).