How to make round table discussions a tax write off.

[Clean County PW]

Here's an Idea that popped into my head. How to make these round table discussion a tax write off. Yes we all know that we can save reciepts to have a tax write off but if you get audited like I did a fw years back and you have just restaurant reciepts and things like that and you have no other proof that it was for business then it could be a slight problem with the Auditers.

Here's what I propose. Thru Microsoft word or something along those lines(Computers suff is not my thing) we could make a standard copy form that could be used for these round table discussions that say up top that these are Powerwashing business related trips with maybe something saying what the topic of discussions will be.

If its lets say that one of the meetings would be in Beths town she could sign the form as a convention leader and there would be another line where you name goes. So and so forth.

In a nut shell there would be somewhere on this bb a place to access this form and every person that is going to anyone of these meetings can down load the form and put in it where the meeting is being held. Once they get there and after the meeting is over the person who organized the meeting can sign the form to make it more legit. And now of course along with this form save all reciepts and by the end of the year write the whole thing off. Hotels, food, whatever that pertained to this minny convention.

I am goin to see my tax guy soon and I will ask him if this is OK to do this like this and I suggest each here does the same since we all will be doing our taxes soon enough.

What do others think about this?

 

[Aplus]

That is far more than you really need. For a record, jot down the date, place, and nature of the discussion. Also include names of those that were present. I use a day time planner/calendar, and I jot all the pertinent stuff down, then save the entire planner with my records for the year.

You'll be prepared just fine if you ever get audited.

Of course your form idea is nice, but it may be more work than necessary.

 

[Paul Freeman]

I believe Tony’s right. But, the IRS could call it ‘entertainment’ if it’s too loosely organized. Why give IRS that option. If the organizer of the meeting posted a ‘Topic’ of discussion, then posted a ‘minutes’ (regarding only the 'Topic') of the meeting, the IRS would have little room to argue. Regardless, everybody should maintain a ledger like Tony mentioned. Believe me, it’s a sinking feeling you get, not to mention costly, when an IRS auditor asks for it and you don’t have one.

Also, that would give everybody else insight and ideas to hold ‘Round Table’ meetings in their own area.

I believe that would be completely legitimate and totally tax deductible.

 

[Beth & Rod]

This is actually something that had me concerned too. When I spoke to Ron the other day I suggested we have a list of topics we planned to go over so that the meeting had some organization to it. It serves multiple purposes.

Beth

 

[Ron Musgraves]

you guys are forgetting it will publish in the blastmaster. that in its self will be all you need if they questioned it. it was scheduled and it did happen. the irs will not be there to investigate any other parts, what you say happened will be all thats nescesary.