The Championship of Business Expenses: Don't PLAY yourself!

Happy Super Bowl Sunday, football fans and those of you that love us and are therefore subjected to our wildly annoying SBS antics. The NFL is big business and that business has an immense trickle down effect from the league itself to the individuals that represent players in varying aspects (i.e. lawyers, accountants, managers, agents, etc.) This is a huge weekend to make business connections and either get your foot in the door or grow your business. Every brand is hosting something and everyone is trying to be seen. Here at Lessington Law we love a hustler's spirit but we implore you to tread with caution as you begin swiping your card with the intent to write everything off. In the wake of so much PPP scandal you can rest assure that businesses, especially small businesses, will experience more scrutiny.

QUICK TIPS

1. Do some actual work.

2. Keep track of your receipts. Using a spreadsheet to track your expense, receipt and business purpose will come in handy.

3. If you have a working dinner - make sure a client or prospective client is ACTUALLY present

4. Everything is NOT a business expense

5. Review Publication 535 Business Expense to ensure your expenses align with IRS requirements

Also, Lessington Law is absolutely cheering for OBJ - once a Giant always a Giant! Sending Odell and the Rams the best of luck today!!!

This blog is for general information and education purposes only.

It is not offered as legal advice or legal opinion.

To the extent this message contains tax advice, the U.S. Treasury Department requires us to inform you that any advice in this letter is not intended or written by our firm to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. Advice from our firm relating to Federal tax matters may not be used in promoting, marketing or recommending any entity, investment plan or arrangement to any taxpayer.