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7 Cards in this Set
- Front
- Back
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Can you get a home office deduction if you use the space for personal reasons |
No the area must be used exclusively for business |
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What are indirect expenses in regards to a home office deduction |
Rent, mortgage payments things that apply to the entire house. Must allocated to calculate the deduction |
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What is the major difference between the M&E expense now and before the 2018 tax laws changed ? |
Entertainment is no longer deductible only bonafide business meals |
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What’s the only way to deduct 100% of business meals ? |
Include the cost in employee wages |
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What’s the best way to enforce the new M&E rules ? |
Segregate the costs have a meals account and an entertainment account |
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How can food and beverage be deductible at an entertainment event? |
They can’t unless they were purchased separate from the event |
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Describe a place that would qualify as a home deduction for tax purposes |
1 - a place you use regularly or exclusively as a place of business (most of your income earning activities occur here) 2 - a place where you meet with clients or customers in the normal course of business |
