But There Are Plenty of Other Ways to Make the Most of Your Taxes
Sad news for anyone whose favorite part of the day is their business meeting on the green:
The new tax bill eliminated your opportunity to deduct a golf game as a business expense.
As writer Josh Sens shares in a Golf.com article, buried in the tax reform “is a provision that eliminates a 50% deduction for business-related
entertainment expenses. It applies to a range of activities, including concerts, sporting events, and, yes, rounds of golf.” While dinner at the end of the course can still count, the rounds of golf do not.
What’s a golf-loving business owner to do?
Make the most of the other ways you can optimize your taxes.
GET REIMBURSED FOR YOUR BUSINESS EXPENSES
This is one of the best ways you can maximize your deductions and keep more of what’s yours. Even without golf getting deducted, there are many other expenses you can list. If you have paid for any business expenses personally (this includes your own business) and have not been reimbursed, it’s time to submit that expense report and get paid.
HOLD YOUR ANNUAL MEETING
Meeting minutes are an ideal place to document the activity in your tax strategy. All the items on this list should make their way into your annual meeting. Make the minutes of your annual meeting part of your year-end planning.
Eager for more ways to maximize your deductions? Jeff ’s tax-strategy book, “Keep What’s Yours” helps you do exactly what the title of the book implies: hold onto more of your earnings. Discover how proactive tax-strategy planning will help you keep more of what’s yours. From there,
you’ll get to use what you were paying in taxes to reach your financial goals.
Get your copy of Jeff ’s tax-strategy book here: TheNewTaxLawAdvantageBook.com/offer-page25326725.