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Tips To Maximize Your Lodging and Meals
Business Tax Deductions Linda Rey, 41, is co-owner of Rey Insurance, a broker based in Sleepy Hollow, N.Y. The firm had $700,000 in revenues in 2007, and profits are growing at an average annual rate of 10%. Part of this success Rey attributes to savvy accounting advice. She and her partners (who also happen to be family members) hold a monthly dinner at a restaurant, which they treat as an offsite strategic planning meeting (100% deductible) rather than a business meal with a client (50%). Even with coffee and Dunkin' Donuts for the Friday morning meeting, she always takes the full 100% deduction, while many companies wrongly file this under meals and take half. "I pay careful attention," says Rey. "Otherwise you end up giving a lot of money away."
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