Entity choice is an important for many reasons. One of the most important reasons is that it simply reduces your risk of audit. For the 2017 tax year, if you filed your business income and expenses as a sole proprietor and reported $100,000 or more in gross receipts, your chances of IRS audit were 2.4 [...]

Good news! Despite the removal of the deductibility of entertainment expenses, The Tax Cuts and Jobs Act created more opportunities to deduct business meals. The new tax laws removed language that the meals had to be “directly related to” or “associated with” the active conduct of business. The effect of the wording caused the tax [...]