Come tax time, every entrepreneur should be taking advantage of the meals and entertainment expense, according to accountant Mark Kohler. Here, he offers three tips for maximizing the write-off:
1. Find a business purpose for every dining and entertainment experience you have.
2. Keep track of expenses even when dining alone.
3. Have a system for scanning and organizing your receipts.
Mark J. Kohler, a certified public accountant in Irvine, Calif., is a partner in the accounting firm Kohler & Eyre, and the law firm Kyler, Kohler, Ostermiller, & Sorensen LLP, specializing in business, estate and tax. He is the author of What Your CPA Isn't Telling You from Entrepreneur Press.