Meals & entertainment deductions, tax planning.
Written by : CPA. Sailesh Rapolu (2 minutes read) Any business entertainment expenditure is always non-deductible.Also includes amusement or recreation expenses also. For example, ticketing to sporting events,concerts, golf outings. You can continue to deduct 50% of the cost of business meals, if you (the tax payer) or employee of the tax payer […]
S Corp or C Corp: Picking the Right Tax Structure for Your Business
S Corp or C Corp: Picking the Right Tax Structure for Your Business This is one of the first real decisions a growing business has to make, and it’s not one size fits all. How C Corps Are Taxed A C corporation is its own taxpayer. It pays a flat 21% federal tax on its […]
What Are Tax Records and Transcripts, and Why Do They Matter?
What Are Tax Records and Transcripts, and Why Do They Matter? People sometimes use “tax records” and “tax transcripts” interchangeably, but they’re actually two different things. Knowing the difference matters when you’re applying for a mortgage, dealing with an IRS notice, or just trying to clean up your own filing system. What Are Tax Records […]
Living in the US But Earning Income From Abroad: What You Need to Know
Worldwide Income: Why the IRS Cares What You Earn Outside the US A lot of people are surprised to learn that the United States taxes its citizens and green card holders on their worldwide income, no matter where they live or where the money was earned. Most countries don’t work this way — they tax […]
401(k) vs. Roth IRA: Where Should Your Retirement Dollars Go First?
401(k) vs. Roth IRA: Where Should Your Retirement Dollars Go First? This is one of the most common questions I get from people in their twenties through their forties, and the honest answer is that for a lot of people, the right move is both — just not necessarily in equal amounts. How a Traditional […]
Amending Your Income Tax Return: When and How
Amending Your Income Tax Return: When and How Finding a mistake on a return you already filed isn’t fun, but it’s also rarely as big a deal as people assume. Here’s what actually matters when you need to fix one. The Form You’ll Use Form 1040-X, Amended U.S. Individual Income Tax Return, is the tool […]
Cash vs. Accrual Accounting: What It Means for Your Taxes
Cash vs. Accrual Accounting: What It Means for Your Taxes If you run a business or do freelance work, the accounting method you use determines when income and expenses show up on your tax return. This is not just a bookkeeping choice. It affects how much tax you owe and when you owe it. The […]
Partnership or S Corp: How to Choose When You Have Multiple Owners
Partnership or S Corp: How to Choose When You Have Multiple Owners Once a business has more than one owner, the partnership versus S corp decision gets a little more layered than the sole owner version of this question. How Each Structure Reports Income A partnership files Form 1065 and issues each partner a Schedule […]
When Do You Actually Need to File Your Return?
When Do You Actually Need to File Your Return? People often assume everyone has to file a tax return every year no matter what, but that’s not quite true. Knowing where the actual line sits can save you some unnecessary paperwork — or worse, help you avoid missing a deadline you didn’t realize applied to […]
Meals & Entertainment Deductions: What’s Actually Deductible in 2026
Meals & Entertainment Deductions What’s Actually Deductible in 2026 Meals and entertainment is one of those areas where the rules feel simple until you’re actually sorting through receipts. Here’s a clear breakdown of what you can deduct, what you can’t, and how to keep your books straight. The Big Rule on Entertainment Any business entertainment […]