Tax expert Mark Kohler shows how to write off a holiday gathering by holding an official board meeting. Schedule it in November, invite out-of-town board members, and deduct their airfare, lodging, meals, and event supplies as ordinary business expenses. The meeting must be genuine, documented, and held at least annually.
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This is a freaking awesome tax write off. You're going to meet maybe on a Thursday in November, have an important board meeting, fly in your board members and have an important board meeting and have some turkey dinner after and right off the whole damn trip because you flew in board members, you're having potential Airbnb down the street of all your board members, you're going to go to Costco and buy all sorts. I love games. I'm a big GAM fan. Yeah, really? That really goes over well at a board meeting. It does. Board meetings, turkey and yams, always a winner, better decision making and you get to write it all off, people. That's what I'm talking about. This is a tax deductible event and if you do it legitimately on a regular basis because you need to as a business, every time you do it is a write off and we're just saying do it at least once a year.