Navigating and learning the new Tax Cuts and Jobs Act can be daunting when done alone. Not only do business owners need to see how the new tax laws differ from the old ones, but they need to figure out when the new laws go into effect, how their businesses will be affected, and what actions need to be taken in order to act in compliance with the law. Gineris & Associates has crafted a FREE 30-Minute webinar, Tax Strategies to Maximize Wealth for Small Business, to help small business owners tackle the latest tax act. You can register here.
One thing in particular that will be at the forefront of our presentation and surely on the entrepreneur’s mind is Meals and Entertainment deductibles. Often at the heart of our offices and the highlight of a business meeting, food and fun are what keeps employee morale up and clients comforted. A lot is changing, so here’s a couple examples of what is to come within the next year.
Remember ordering sandwiches and chips to go around the office during that really big all-personnel meeting? In 2017, it was 100% deductible, but now it is only 50%. Perhaps consider switching from the gourmet sandwiches down the street to something a bit more cost-effective for the business. Come 2025, meals provided for the convenience of the employer will no longer be tax deductible. Time to get out the office piggy bank to save up until then.
We still have good news, though. No need to disband the party planning committee! Tax law still states that office holiday parties or picnics are still 100% tax deductible. Maybe you can still order those gourmet sandwiches after all! Keep in mind that these employee parties typically are for the holidays or employee awards ceremonies.
Join us to learn more about how Meals and Entertainment deductibles are changing with our FREE 30-Minute webinar: Tax Strategies to Maximize Wealth for Small Business. Again, you can register here. This webinar looks to help small business owners take full advantage of the Tax Cuts and Jobs Act. We will address the changes in what is considered deductible, demonstrate how the law is changing from last year, and much more. With the new law, a lot is to be considered, and in 30 minutes, Pat Gineris and Tim Shaw will give a fast-paced educational overview of everything a business owner needs to know about the new tax act.