Big Firm Capacity, Small Firm Personality

Pensacola, FL

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John Pharr CPA

Big firm capacity. Small firm personality.

850.435.8844

Category: News

Holiday Deductions

How does a business handle holiday gift-giving? Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses if the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must have a direct relationship to the taxpayer’s business and must be made with a reasonable expectation of a financial return equal to the amount of the gift. However, the $25 annual limitation per recipient on deductibility is applicable […]

New Tax Bill Questions

New Tax Bill Questions Tax reform discussions continue in Washington with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. Tax reform Although the specifics are not yet known, a GOP tax bill is expected to lower the individual and corporate tax rates and eliminate many tax credits and deductions. The corporate tax rate could be lowered to […]

Business Entertainment Expenses

Business Entertainment Expenses As a business owner, you are eligible to deduct certain expenses related to entertaining clients. The expenses must be ordinary to the business and/or helpful to the business, and cannot be lavish or extravagant. Basically, the entertainment can’t be something out of the ordinary and out of the normal budget. The entertainment expenses are limited to a 50% deduction limit. To be sure the entertainment expense is eligible for deduction it must […]