Deduct 50% Of Dining And Entertainment Costs

You can deduct 50% of "business meal" costs, if you have a specific reason for each meeting, and you don't deduct a meeting with the same people more than once per month.  This can  include the costs of feeding and entertaining your spouse and the spouses of your business contacts.  Think of it as a little extra motivation to make lots of business friends.

	Deduct 50% Of Dining And Entertainment Costs   Time to complete:   Not much Money you'll spend:   Dining and entertainment costs What you'll get:   14% of business luncheon/dinner expenses, if you're taxed at 28%.  Spend $20 per week for 50 weeks, and you'll save $140 on your taxes. Step-by-step instructions:  Keep a folder marked "Meals and Entertainment Expenses." Before  you go out with someone, introduce a business topic of conversation.  At the meeting, spend some time discussing business. After the meal, save the receipt and toss it in the folder. When you file your tax return, add up these receipts and deduct half of the total. See this TurboTax.com article Deducting Business Entertainment Expenses if you want to learn more about this subject. Sponsored Links Further Reading: Tax And Accounting Sites Directory, listing a large number of online tax sites. Tax Magazines to help you save on taxes, 90-day risk-free trials available. J.K. Lasser's Tax Deductions for Your Small Business, a top-rated book now available at Amazon.com.  It shows small business owners exactly how to minimize their tax bite, while maintaining legal and accurate records.

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	3. Equipment costs
	4. Hire your kids
	5. Travel costs
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