Tax Loophole: Line 20b of Schedule C and a Touch of Business Entertainment

One of many tax loopholes to come

Rental of "Other Business Property" - as long as it has to do with business, the monthly cost for rental is tax deductible. Rather then to show a large profit at the end of the year, after you have taken the deductions for retirement exclusion from income, credits, you may want to look at some additional 'business property' rental cost.

No, I'm not sure if you can lease a learjet, (a couple times a year) unless you can prove that your business can benefit from such a transaction!

What was that? Yes, renting a villa in Hawaii and taking several clients (in the learjet) can be considered a necessary tax write off for a business conference.

Definitely, season tickets to an NFL game can be a tax write off, as long as you take a business client with you to the game.

***** Documentation is key. Write down who you took where, why and what was the business connection. Keep a log of ALL expenses. (Schedule C - Meals and Entertainment)

Just a Note: Tax clients who spend lots and lots of money on meals for their potential clients, almost always, earn substantially more then those who don't.