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Summer Tax Tip #6 – “Go Fishing” for Deductions

gone fishing web 300x133 - Summer Tax Tip #6 - "Go Fishing" for Deductions

The IRS won’t allow you to claim deductions for an “entertainment facility,” such as a boat or hunting lodge. But you can still write off qualified out-of-pocket entertainment expenses, subject to the 50% limit. For example, if you take a client out on your boat, no depreciation deduction is allowed — but you may be eligible to write off the costs of boat fuel, food and drinks, and even the fish bait, if you qualify under the usual business entertainment rules

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