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Money and Finances
Reply to "Tax Deductions"
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[quote=Anonymous][quote=Anonymous]I have a couple of lobbyist friends who have their own shops and they keep telling me to take tax deductions on things e.g. entertainment, cars, etc. I told them DH and I are W2 so not sure if we can take anything like that. Thoughts? CPA is very conservative and doesn't push the envelope. [/quote] They have their own businesses that can rightfully deduct things like this as business expenses. Now, do people charge all their meals through the business even though 25% are personal? Of course. In order to deduct car expenses you need to register the car in the name of the business which many do. It’s also possible to deduct social club and CC memberships if you are in fact taking clients to these clubs. Sporting events tickets if you take a client, etc. Of course many times someone just takes a friend who may work for a company that is or could be a client even though the friend is in no position to hire you. [/quote]
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