August 29, 2023
Hello, fellow campground entrepreneurs, legacy-builders, and stewards of family businesses! I hope you’re ready to dig into some juicy tax deductions because today, we’re serving up a buffet of knowledge (and puns) with a side of laughter.
Are you hungry to make the most of your campground investment without it chewing up all your time? Well, buckle up your bibs, because our very own Donna, the queen of progressive accounting, is here to whet your appetite.
First things first, entertainment expenses are like that overcooked pasta – they’re no longer on the menu. That means the cost of those golf outings you were planning? They’re as deductible as my chances of winning MasterChef.
But meals? Ah, now, that’s where things get spicy. If they serve a business purpose – such as meeting clients, vendors, or colleagues – they can be deducted. Picture this: You’re enjoying a sizzling steak while discussing the next big thing for your campground. Delicious and deductible!
There’s a catch though (isn’t there always?). The deduction for meals has been playing hide and seek. It was 50% in 2020, then 100% in 2021 and 2022, and now in 2023, it’s back to 50%. But hey, half a loaf is better than none, right?
Documenting these meals is crucial. Keep the receipt, note down who you dined with, and jot down the business purpose. And if the meal involves your spouse? That depends on whether they’re a business partner or just a dining partner.
In essence, meals are like the secret sauce to your tax deductions if they’re associated with a legitimate business purpose. Just remember to keep your receipts and a clear record of the business purpose. And stay updated with the rules because they change more often than my diet plans.
So, ready to feast on more advice and tips about growing your robust campground business? Click through to read the full article and let’s continue this gourmet guide together. Bon appétit!
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Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.