TIPS TO PREVENT A TAX AUDIT FROM HAPPENING
September 10, 2017
Self Employed Individuals
September 21, 2017
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Meals and Entertainment Expenses

Business meals and entertainment that qualify for expenses are 50% deductible. If you spend about $500 a month on qualifying business meals and entertainment, or $6,000 for the year, your deduction will be $3,000.
Entertainment generally includes items such as entertaining at cinemas, country clubs, golf clubs, and sporting events. Deductible meals or entertainment must be either be related to making a client or getting new business, or encouraging the continuation of a business relationship. As a general rule, occasional meals and entertainment with business associates will be deductible.

You must have receipts for the meals and entertainment and must also be able to provide the names of the people you met as well as the purpose of the meal. You must be able to establish the amount spent, the time and place, the business purpose, and the business relationship of the individuals involved.

SA Accounting Solutions is a Professional Corporation registered with Chartered Professional Accountants of Toronto, Ontario. We are a full service public accounting practice dedicated to working with the Accounting and Tax issues of small to mid-size enterprises (SMEs). Our services include Assurance, Accounting & Compliances, Asset Protection and Trust Planning, Tax Planning, Bookkeeping & Payroll, SR&ED, Outsourcing Controllership and Internal Controls and Incorporation & Business Plans. Please call us at 416 824 6950 or email us at info@saaccountingsolutions.com to book your one hour free consultation.