IRS Deduction Update for Meals, Entertainment, & Travel Expenses
The IRS recently issued final regulations regarding deductions for meals, entertainment, and travel expenses effective October 9, 2020. There are two key takeaways for business owners to take note of. First, there is no longer a deduction allowed for entertainment expenses. If there are meals involved, the deductible meals expense needs to be separated from the non-deductible entertainment expense.
The second key takeaway is to make sure that you keep all of your receipts! This is vitally important for your accountant so that they can deduct the appropriate expenses and reduce your tax liability at the end of the year.
At Brighter Smiles Bookkeeping, we track all meal, travel, and entertainment expenses so that your financial information is up-to-date, accurate, and always available for your accountant. We also keep your receipts organized throughout the year so that you have one less thing to worry about! Visit our website @ www.brightersmilesbookkeeping.com to find out more about how we can help you with your bookkeeping and make sure to download this free deduction chart! #bookkeeper, #accountant, #taxes, #irs, #bookkeeping, #accounting, #dentist, #dentaloffice, #dentistry, #expenses, #tax, #dentalpractice