Write-offs

Discussion in 'Business Operations' started by Expert Lawns, Jan 4, 2004.

  1. Expert Lawns

    Expert Lawns LawnSite Silver Member
    Posts: 2,660

    Can you write off lunch expenses? I take employees to lunch once and awhile, and have gone for lunch and beers with current or potential customers. I have all receipts, just didnt know what I can turn into the accountant. Thanks.
     
  2. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    You'll only be able to write off 50% of the entertainment expense.
     
  3. Expert Lawns

    Expert Lawns LawnSite Silver Member
    Posts: 2,660

    I just went back and took a look at my old tax preperations. I have to have an itemized list on each receipt. Most of them are just the credit card receipts with the total on it. Looks like I won't be able to write off much this year.
     
  4. grassguy_

    grassguy_ LawnSite Senior Member
    from Ohio
    Posts: 633

    I have a flood of receipts from meals that I've bought for my crew throughout the year but I typically never take it off the taxes because the tax accountant has indicated that it is something the IRS usually will focus on if its starts becoming a large amount.
    Hey John Allin, you gotta be getting some snow and ice tonight with this crap coming over the lakes right? Tell your crew to be careful but make the big bucks! LOL
     
  5. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    Hi Expert Lawns,

    Here is a quote from this site.

    " 7. Deduct 50% Of Dining And Entertainment Costs
    You can deduct 50% of "business meal" costs, if you have a specific reason for each meeting, and you don't deduct a meeting with the same people more than once per month. This can include the costs of feeding and entertaining your spouse and the spouses of your business contacts. Think of it as a little extra motivation to make lots of business friends. "
     
  6. John Allin

    John Allin LawnSite Bronze Member
    Posts: 1,489

    Only got an inch or so, enough to salt everything.
    But, it's possible we could have a couple feet by Thursday if the winds set up right.
     
  7. Expert Lawns

    Expert Lawns LawnSite Silver Member
    Posts: 2,660

    Thanks Gopher. My only problem is I don't have an itemized list on the receipts, only the credit card receipt that I keep for myself. My accountant last year said these cannot be used. I am using a different accountant this year, maybe he can do something with them?
     

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