One area I see missed quite often is the separation of 50% meals from 100% deductible meals. You mean you did not know there were 100% meals?? That means you have really been missing out.
Every time you spend money for snacks or refreshments for an open house you have 100% deductible meals. The same holds true for brokers opens.
One basic problem is that your tax preparer may not know to ask the question “Did you have any expenses for brokers open and open houses in that meal expense total? If not, then you just lost some deductions because the tax preparer will place all your meals and entertainment expenses in the 50% category.
Best way to not let this happen to you is to review your meals expenses and separate the open house expenses from the rest of the 50% meals. Be sure your tax guy knows what you have done.
Bill Zumwalt
Helping REALTORS with Tax Solutions and Solving Tax Problems for REALTORS
REALTOR Tax Preparation, REALTOR Tax Accountant, Tax Preparation Tulsa, OK
Accountant Tulsa, OK, CPA Tulsa, OK, Tax Prep Tulsa, OK, Tax Savings Tulsa, OK, Tax Accountant Tulsa, OK
The Tax Coach for REALTORS
William T Zumwalt CPA,CTC, PLLC
5416 South Yale Ave
Suite 120
Tulsa, OK 74135
918-583-1040
855-993-3339
Bill@TeamZumwalt.com
www.TeamZumwalt.com
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