According to the IRS, business entertainment expenses will still be deductible, but the meal must be on another receipt to be able to get a deduction. In general, the act removes the deduction for entertainment expenses such as large celebrations, sporting events, golfing outings, and cruises. The way that the take action was written it appeared to eliminate some business foods also.
Business owners were concerned that the disallowance would prolong to many customer or even potential customer business meals. Thankfully, the IRS released Notice 2018-76, which gives transitional help with the deductibility of business meal expenditures in light of the act’s disallowance of deductions for entertainment expenditures. The IRS notice clarified that real business foods – in which business is actually discussed – are still deductible. To be deductible, the food must be on a separate receipt. This means that a business food after a wearing event would be deductible if it is on a separate receipt.
For example, equipment dealers may charge you a higher interest rate than banks, but banking institutions may have fees attached to their funding that other lenders don’t have. Equipment financing can be structured as a loan or as an equipment lease. They all work similarly, but mainly differ with how the possession of the equipment works by the end of the funding term.
With an equipment loan, the purchased equipment is possessed by you. You are allowed by The loan to spread out the obligations over someone to five years. This is … Read the rest