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The Tax Cuts & Jobs Act has created new limits on the business meals and entertainment deduction.  This limits the employee meals deduction to 50% and eliminates entertainment deduction entirely.

Understandably a hot topic, getting value out of the meals is the subject of this morning’s article published the Journal of Accountancy: 8 Tips For Making the Most of Business Meals

https://www.journalofaccountancy.com/newsletters/2019/sep/business-meals.html

Their tips for getting the most out of your next business lunch or dinner:

Communicate a clear objective for the meeting

Make all of the arrangements in advance including location, food choices, payment terms

Meet guest in their comfort zone, search out a convenient location

Don’t make it all about business

Learn dining etiquette in advance; picture your mother eyeing your elbows on the table

Be fully present; yes turn off your cell phone for the duration

Consider bringing someone along; create additional value for your guests

Follow up with a thank you; recognize that this is time out of their work day too

Final thoughts

When we schedule a “Lunch & Learn” for our office staff or at the office of one of our strategic partners, I try to make sure that the meeting ends with follow up “deliverables” so that we keep the momentum of our discussion going.

Our team continues learning new skills and reviews opportunities for tax saving strategies under the new law, the TCJA to bring added value to our client meetings, and we’ve been doing this for over 25 years.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or an appointment to just get started.