Meals & Entertainment Expenses in KENDALL, MIAMI-DADE, FLORIDA—

By
Services for Real Estate Pros with Michael L Crosa CPA

 

Realtors have been known to take a client to lunch or to a baseball or football game and then deduct the expense as a meal and entertainment expense. This has changed. The IRS has finally issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA) passed by Congress.

Prior to 2018, a business could deduct up to 50 percent of entertainment expenses,(base ball game or show), directly related to the active conduct of a trade or business or, if the expense happened immediately before or after a bona fide business discussion 

Now under the act, this is no longer allowed.  BUT you can continue to deduct 50% of the cost of a meal if you pay for it separately from the entertainment.  This is also true of business meals you have with clients or potential clients. Just be sure to have your receipts.

If you or your friends have any questions regarding your taxes, contact me directly at (305) 773-0702 or by email at Mcrosacpa@gmail.com

 

Michael L Crosa CPA

8933 SW 123rd Ct, Unit 410

Miami, FL 33186

Ph: 305-773-0702

Fax: 305-574-7814

 

Comments (8)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Michael Crosa CPA welcome to ActiveRain, and congratulations on successfully posting your first blog on this site.

Dec 10, 2018 03:36 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Welcome to active rain. Good luck in achieving your goals 

Dec 10, 2018 04:59 PM
Michael Crosa CPA
Michael L Crosa CPA - Kendall, FL
Solving IRS Problems For Real Estate Pros

Thanks, looking forward to posting more.

Dec 10, 2018 06:26 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael, nice to know the new rules, as we have been able to deduct 50% of the entertainment expenses.

Dec 11, 2018 07:53 AM
Michael Crosa CPA
Michael L Crosa CPA - Kendall, FL
Solving IRS Problems For Real Estate Pros

Thanks Joan, this was my first ever blog.  Glad I was able to help.

Dec 11, 2018 08:22 AM
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

Welcome to ActiveRain, I hope that your participation here helps your business to grow.
Btw, I followed your blog, and would be honored if you followed mine.
Thank You!

Dec 11, 2018 05:58 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Michael.  Thanks for the information about the meals deductions for tax purposes.

 

Dec 22, 2018 04:55 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.
Bob

Jan 17, 2019 06:11 PM