Write-Offs For Small Business & Real Estate Agents

Write-Offs For Small Business & Real Estate Agents

(bright music) – [Toby] Alright. I am a realtor. I love the way that
they do it in all caps. – [Jeff] I did like that. – Mmmhmm. I normally make edible baskets. I like that part You can send it right here
to Anderson if it’s cookies. – (laughing) – Uh and I take my cli…to
my past clients around the holidays. So that’s
really nice of you. Is it past clients or even
to your regular clients? I also cater lunches for businesses that I obtain clients from. Can I write off these expenses as advertising? This is awesome, Jeff, you know the rules. – [Jeff] Uh, Okay, so the
edible baskets that you’re creating, you’re going to
be able to write off your costs of those baskets. – [Toby] Up to? – [Jeff] Up to 20, It’s $75. – [Toby] 25 bucks. – [Jeff] I thought it was 75. Okay. – [Toby] Gifts. They didn’t
index it for inflation. It’s been the same thing for like 50 years or some ridiculous term. – [Jeff] Okay. – [Toby] Or you’d make it as advertising. Either way, you’re going
to be writing it off. You have a gift amount of
25 bucks that you don’t have to report, that you just write
off per person, per year. So, if you’re making edible
baskets, depends on kind of, what you’re using for the
contents, but my guess is you’re getting, you could
write it off under either of those two sections. – [Jeff] Now the cater lunches,
uh, that’s going to come under the meal rules. – [Toby] Mmhhmmm. – [Jeff] So, that’s going to
be, you’re going to be able to deduct half of what you’re
actually paying for those cater lunches. Um, there is
a hundred percent exception, but that’s got to be lunches
open to the public, like open houses, things of that nature. – [Toby] Mmhhhmmm. Now
what they’re saying is can I do it as advertising? I
think what they’re saying is, I know that people try
to do this and technically, if you’re trying to generate
business and its aggregated into one expense, so what I’d
be doing is see if you can’t, if you’re catering a lunch,
depends on how it’s being broken out, if it’s food
is separate from the room, I think you’re going to have an issue. – [Jeff] I agree. – [Toby] If the food is
included in the room fee and you have a basic like,
hey you have to meet a minimum of food and beverage,
then I think you’re okay. – [Jeff] Yeah, I
completely agree with that. – [Toby] Yeah, so, the
answer is, it depends, but chances are, we’ll find a
way for you to write it off. If you’re working with us.
Whoever your accountant may be, that’s where they
get their pencils out and sharpen it up and make sure
that they’re giving you good advice. (Bright music)

One thought on “Write-Offs For Small Business & Real Estate Agents

  1. Great Video. Looking Forward To More Content. Video Liked!

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