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Settling the Tab for Entertainment Expenses
If you're like many of our friends in the legal community, a week doesn't go by before you or your partners are asked to greet contacts and business prospects over a meal or at an entertainment event. The costs associated with these functions, while a vital expenditure for the health of your practice, can also eat into your profits.
The conventional wisdom is that only 50% of the cost of routine meal and entertainment expenses is deductible. However, law and other professional service firms that spend a significant sum on these items should be aware of instances where they are fully deductible. Financial advisers can help you find them.
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