Under the new Tax Cuts and Jobs Act, gone are the days of enjoying a deductible business expense by picking up the lunch tab for a local client. What about treating a client to tickets to a baseball game or a concert? Before 2018, that entertainment expense was 50% deductible. As of January 1, 2018, that deduction no longer exists. What about picking up the tab for a client at an out-of-town dinner? Before 2018, the entire meal was 50% deductible; now only the employee portion of the final bill is 50% deductible.
If you have questions or would like to set up a tax planning session, contact us online or call 215-723-4881.