Tax tips...How to write off your fun

I was going to wait and share this tomorrow but I might as well bless you today. No matter why you started your own business, the benefits to owning a small business are the same for all. Last week the first round of presidential debates where held. I'm not going to make this a political post but one thing I noticed was the candidates were talking to different audiences. Some of the topics were geared to the wealthy, the poor and the middle class. One of the things that we all need to grasp is that business ownership is for everyone. They all have different start up costs but we all can reap the same benefits. Network Marketing is the easiest business to get started with minimal overhead costs. If you dont have a business then  you arent aware of the tax breaks and write offs afforded to us. I ran across a tip on how to write off your fun. If you dont have a business and are interested in starting one, click here to learn more.

If you already have a business, check out how you can write off your fun

Write off your FUN! 

By Sandy Botkin

How would you like to write off your FUN and entertainment? Things like: golf, sporting events, theater tickets, nightclubs, and more!

The IRS allows you to deduct 50% of what they call "Associated Entertainment." AKA "fun!" The key is that the entertainment must either precede or follow a substantial and bona fide business discussion during the SAME 24 HOURS as the entertainment!

Real Life Example: Lee has a business lunch with Karen and discusses business. If Lee suggests they go play golf after the lunch, then he may deduct 50 percent of all his golfing costs!

Insider Secret: To audit proof your record you must record the link between a business conversation and the fun in the same day. You can do this in your tax organizer or tax diary, or easily with Taxbot!

Special Canadian Note: Canadians can't deduct green fees for golf deductions. However, they can depreciate golf clubs, deduct golf balls and caddie fees to the extent that they document business discussions in Taxbot and prove it was a business expense. Enjoy the sunny day on the course!  

Watch the video below to see how you can write off your fun with Taxbot!