What do you think, howard, are business
meals still 50% deductible under the “2018
Tax Cuts & Jobs Act?”
“Expert opinions” about this are all over the
board, ranging from “absolutely not” to
“absolutely,” plus everything in between.
Which “Expert” is CORRECT?
The Act states “all Business Entertainment
deductions are SUSPENDED,” but the big
question is: “Was that the actual INTENT
of Congress, or was it careless wording?”
For now, you cannot safely rely on any
“expert” because we are just expressing
our opinions. The only fact is the wording
in the Tax Act is unclear.
When and How will we Know for CERTAIN?
There are two possibilities:
(a) Congress will pass a bill called a
“technical correction,” which will
clarify what the intent of Congress
was and is. Or…
(b) After conferring with Congressional
tax-writers, the IRS will publish a
definitive written “clarification” to
spell out what Congress intended,
and how they (IRS) will enforce it.
What do we do for now?
My advice is to treat every expense as if it
IS (or WILL be) deductible. That may result in
keeping records that, in the end, you would
not be able to use; BUT it ALSO MEANS if
the deduction IS approved, you will be ready
with all required documentation in hand.
As soon as a “Technical Correction” is
passed by Congress or an “Official
Clarification” is issued by the IRS, you
will immediately be alerted in “Tax Tips
You Can Bank On.”
Ronald R. ‘Ron’ Mueller, MBA, Ph.D.
Helping THOUSANDS to SAVE a BUNDLE
by Creating Tax-Smart Home-Business Owners
Author, Speaker and Educator
HomeBusinessTaxSavings.com
P.S. – To learn more about what is in the
massive “2018 Tax Cuts & Jobs Act,”
Click HERE.
