As year-end approaches, your business might want to review opportunities to deduct expenses in light of recent tax law. Most entertainment expenses, for example, remain nondeductible. But you may be able to deduct 50% of qualified business meals. And though qualified business travel costs are still 100% deductible, many commuting-related fringe benefits, such as mass transit passes, aren’t. In addition, employees can’t claim deductions for unreimbursed business expenses. This may make establishing an accountable reimbursement plan valuable for both your business and its employees. Spend a little time now to identify expenses that could yield significant deductions later. Contact us for help.
