From guard dogs to Las Vegas-style showgirl costumes, there is no limit from what people will try to create off at tax time with regard to their business. But where do you draw the comparative series? Which write-offs you’re trying to create off go too much? We assembled a team of three leading tax lawyers to get their advice about how far is too much in the land of tax write-offs.
Our team of experts include Cliff Ennico, a Connecticut-based business attorney who specializes in advising small businesses and entrepreneurs; Donna LeValley, a tax lawyer and contributing editor to the J.K. Lasser annual taxes guide;, and Alvin S. Brown, a tax lawyer who formerly worked with any office of the principal counsel of the IRS for more than 25 years. Here is a write-off that’s sometimes difficult deciding just where to draw the line.
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Can you deduct the expense of going to see a Cirque du Soleil show in Las Vegas if you’re treating your client? The answer is yes, as long as you can justify it as a business expenditure. And what if your partner goes along on the trip? As long as they’re a partner or worker of your business and went to conventions or conferences on the trip you took together, then his or …