Under the Tax Cuts and Jobs Act, beginning in 2018, the costs of entertainment expenses are no longer tax deductible. With the old tax law, 50% of entertainment was an acceptable tax deduction for businesses.
Entertainment expenses are for the experiences and events that some businesses have offered clients in the past. Typical entertainment might be 18 holes on the golf course, front row seats at a concert, tickets to sports games or a weekend ski trip.
Business related meals with clients are still 50% deductible. Some businesses may choose to have more dinners, and less experiences/events with clients. Be careful of your choice. Some extremely expensive restaurants with live music, might be considered as entertainment rather than a business meal.
Some businesses may find ways to get around this. Promotional events are deductible as a marketing expenses, so you might see companies brand outings with more advertising, to qualify for the deduction. Tax Tip: The business sales pitch should last the entire duration of the event, rather than just a limited time.
You can file an amended return to correct errors on your originally filed tax return by filing Form 1040X. You will have to file this by mailing a paper copy to the IRS.
Learn more about filing an amended return by watching this IRS Video – Amending My Return
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One more thing many of us didn’t
noticed is that 9 is the sum of all the
table result digits. Let me show you:
9 X 1 = 09 and 0 + 9 = 9
9 X 2 = 18 and 1 + 8 = 9
9 X 3 = 27 and 2 + 7 = 9
9 X 4 = 36 and 3 + 6 = 9
9 X 5 = 45 and 4 + 5 = 9
9 X 6 = 54 and 5 + 4 = 9
9 X 7 = 63 and 6 + 3 = 9
9 X 8 = 72 and 7 + 2 = 9
9 X 9 = 81 and 8 + 1 = 9
9 X 10 = 90 and 9 + 0 = 9
Isn’t this mind blowing?????