The bad news: starting 2018, the IRS will no longer allow tax-write offs for entertainment expenses and will only give a 50% write off for business meals.
What does this mean for you?
No more writing off the tickets to Giants games that you bring your clients to or your golf club membership. Plus: no more writing off Starbucks for business meetings.
The good news: There are more creative ways to schmooze clients and here are four right now.
1. FIND A COMMON INTEREST
Maybe you both like fishing. That will give you HOURS to develop that customer relationship. Or maybe you both want to get more into photography. Meet up at an outdoor location to practice the art of the angle and share tips while you learn together.
2. EAT/DRINK SOMEWHERE YOU'RE ALREADY PLANNING ON GOING
Only have so much eating out cash for the week? Be strategic about when you book meetings to kill multiple birds with one stone or try to schedule meetings back-to-back at the same coffee shop. Grab a cup of joe for yourself and your first client, bring your laptop to work on in between appointments, and nurse your same cup of coffee throughout the afternoon.
3. THROW A PARTY
Invite multiple clients and your staff, make the night memorable, and book it as Advertising and Promotion!
4. MAKE YOUR OFFICE SOMEWHERE COMFORTABLE
Bring in a sofa, have a coffee table, invest in a Keurig, clean up your messy desk—make your office somewhere visually comfortable to be so you can host client meetings in it and save a buck.
While Better Bookkeepers uses all reasonable efforts to ensure that this information is current and complete on the date of publication, no representatives or warranties are made (expressed or implied) as to the reliability, accuracy or completeness of such information. Better Bookkeepers, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this publication.