022 Business Gift or Entertainment Deduction
In this week’s episode 22, I discuss:
From Florida – Gangs are working to get your tax information to get your Federal and State tax refund before you do
State Update –
California decision on a single member Limited Liability Company that was formed in Nevada but where the owner lived in California. The California decision determined whether the LLC had nexus in California since the owner lived in California.
Illinois – An update on the sneaker tax.
Minnesota – Unclaimed Property. A State Representative can’t determine how to get his unclaimed property back from the Unclaimed Property Division. Episode 2 and Episode 3 has more information about unclaimed property,
For the in-depth main topic, I discuss business gift tax deduction and entertainment.
The limitations of business tax deduction and entertainment expense, requirements between the two business deductions.
For your business, do you use the gift tax deduction or entertainment deduction more?
Have a tax question or feedback about this episode, send an email to email@example.com.
The link to the IRS publication on Business Gift and Entertainment Deduction is:
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Tax TipsThe Additional Child Tax Credit is available on dependents under the age of 17.
- CIRCULAR 230 DISCLOSURE "We are required by IRS Circular 230 to inform you that the advice contained herein (including all attachments) was not intended or written to be used for the purpose of avoiding any penalties that may be imposed under Federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties."
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