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[quote=Anonymous][quote=Anonymous]Is the initiation price tax deductible if you are planning to "use it for business entertaining"? [/quote] I can tell you as a lawyer with tax experience, that no, your initiation fee is not tax deductible because a CC membership is personal in nature and can be used personally, even if you only use it for business entertaining. You may have an accountant tell you otherwise, you may claim it as a business expense on your taxes, and since the audit rate is generally less than 1%, you may even get away with it. I wouldn't be surprised if a lot of people did. However, if the IRS challenged you, you would lose. You'd have to pay the taxes, plus interest and penalties. Depending on the situation, the IRS could even try to go after you criminally (ok, so that's a long shot, but still a remote possibility that's not worth the risk). No matter what an accountant tells you, I would never claim this expense. [/quote]
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