Meals & Entertainment Deductions – The Burns Firm – Advisors of Complex Financial Matters

Business Owners Beware of the Limits on Deducting Losses

January 14th, 2025|Categories: Accountant, Bookkeeping for Business, Burns Firm, Business, Business Deductions, Business Expense Deductions, Business Travel Deductions, Business Write-offs, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Deductions, Expenses, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm|Tags: Basis Limits for Partnerships and S Corporations, business deductions, Business Expense Deductions, cpa near me, Dallas CPA, Deducting Losses for your Business, tax accountant, tax advisor, The Burns Firm|

Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for [...]

When Can You Deduct Business Meals and Entertainment?

January 2nd, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Expense Deductions, Business Travel Deductions, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Entertainment Deductions, Meals & Entertainment Deductions, Tax, tax accountant, Tax Advisor, Tax Deductions, Texas CPA, The Burns Firm, Travel Expense|Tags: business expenses, Can I deduct Business Meals, cpa near me, Dallas CPA, Dallas tax advisor, Deducting Business Meals and Entertainment, tax, tax accountant, tax advisor, Texas CPA, The Burns Firm, Travel for Business and Deducting Expenses, Travel for Business and Expense Deductions|

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at [...]

Dos and Don’ts for Business Expense Deductions

February 6th, 2024|Categories: Accountant, Accounting, Burns Firm, Business, Business Automobile, Business Deductions, Business Expense Deductions, Business Vehicle, Business Write-offs, Client Gifts, CPA, CPA Dallas, CPA near me, CPADallas, Dallas CPA, Dallas tx accountant, Deductions, Entertainment Deductions, Expenses, Meals & Entertainment Deductions, Services, Tax, tax accountant, Tax Advisor, Tax Deductions, The Burns Firm|Tags: are client gifts deductible, business deductions, Business Expense Deductions, business expenses, Client Gifts, cpa near me, Dallas CPA, deductions, Meal and Entertainment Deductions, tax, tax deductions, The Burns Firm, Vehicle Expense Deduction, What Can I Deduct for Business Expenses|

As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is [...]

Keep These DOs and DON’Ts In Mind When Deducting Business Meal and Vehicle Expenses

June 29th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Business Deductions, Business Vehicle, Business Write-offs, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Employee Benefits, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Deductions, Tax Planning, tax write-offs, The Burns Firm|Tags: business deductions, business expenses, Business Meal Deductions, Business miles, Business Vehicle Deductions, Can I deduct Business Meals, Can I Deduct the Expenses For My Business Vehicle, Can I write-Off Business Expenses, cpa near me, Dallas CPA, fringe benefits, tax advisor, Tax write-offs, The Burns Firm, What Business Expenses Are Decutible|

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records [...]

Update on Deducting Business Meal and Entertainment Expenses

March 23rd, 2023|Categories: Accountant, Accounting, Business, Business Deductions, Business Write-offs, Corporation, CPA, CPA Dallas, CPA near me, Dallas CPA, Deductions, Expenses, Fringe Benefits, Meals & Entertainment Deductions, Partnership, S Corporation, Services, Small Business, Tax, tax accountant, Tax Advisor, Tax Return, tax season tips, TCJA, The Burns Firm|Tags: are business meals deductible, business deductions, Business Meals, CPA Dallas, cpa near me, Dallas CPA, Deductions for Business Meals and Entertainment, fringe benefits, Meals vs Entertainment, Meals While Traveling, tax, tax advisor, The Burns Firm|

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not [...]