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Entertainment Expense is Gone!! | Mark J Kohler on LA Today Fox News

We are talking to a tax and legal expert who has seen some pretty weird Or I guess you could call unique yet totally legal tax deductions throughout his career. Please welcome mark Kohler He’s here to tell us how to get you the most for your money when you are filing For the IRS this year and next when the new tax law goes into effect mark good morning to you Thanks for having me so excited to be here in LA yeah fantastic. I’m tired after all the Golden Globe after prize Money on this no one invites me to the parties, I’m at the after audit party That’s what I get invited to all right cool right there with you. I didn’t go to any parties either But I’m really interested in saving some cash and this first one. This is a unique deduction We were just talking about during commercial break 30% of Americans. Have a dog and apparently you can write the puppy off well There’s three or four methods I’m probably the most common nowadays is a service animal a lot of doctors are prescribing that people have a pet for anxiety or depression and if a doctor prescribes that your dog could be a service dog and Maybe run around at the airport with you too, but it’s a write-off. Okay, so I just moved here from, Texas I brought my little dog rocky, and I was joking to him earlier. I said I need him to make me feel good He’s kind of like a therapy dog. He makes me smile, so I would be able to write him off Talk to doctor see if that is true if your doctor says you know what you need this You’re you seem very well-balanced, but that’s your job. You might need that little dog for medical reasons, okay? So let’s talk about clothing and makeup because there are some big changes when it comes to the entertainment world But but we’ll talk about the clothing and making makeup being able to be written off. Yeah Yeah, well for the in the entertainment industry. We’re in the heart of it here in LA a lot of entertainers. There is an entertainer exception so if you are in the entertainment industry you might be able to write off your hair your makeup yeah nails And some clothing and it depends on what type of niche. You’re in in the entertainment, but a good accountant should be looking to that So do you think with a do tax law you have to be I guess a little extra Creative like for example if you use you know your jet ski, and you real estate agent you take them You know you take some clients out there And you show them around the water and the new property could you write that off? Well you used to be able to read it. This is the big hidden issue in the new tax reform bill Is that the entertainment expense is no longer a write-off so if you want to? Go to the spa go to the golf course Maybe take a client to the theater, or you can’t write that off anymore You can write off the dining so we can go to dinner But I can’t write off those expenses as a small business owner What are some of the things that you can write off? Well now with this new rule And you’re trying to network and a lot of business owners once a week go out with someone and talk business You can write off the meal, but you can’t write off the experience, and I’m looking at the converse of this what does this do to the entertainment industry is this gonna have an impact in yeah a Top golf and and at the golf courses and also the skyboxes right right and can’t write off the skybox anymore You know that’s what it looks like but oftentimes companies rent these out. They take all their employees. Yeah, so is that something different? Yeah, it’s no longer write off now in 2018 But I think and I think it’s sad because going out in entertaining and talking with your client Or a referral partner is a good way of doing business. Yeah, well now you’re gonna. Just go out to eat I don’t know if you’ll have an experience with that Wow that is incredible so here’s the other question that I have is so I recently went on vacation with my family And as many people have recently gone on their vacations or gone to their families. You know if they start talking business Money things that pertain to their small company can they write the whole trip off possibly And here is the number one tax write-off for Americans number one read it you got to do this, please? Have a small business on the side doesn’t mean you quit your day job But are you selling something on Etsy or you sell something on eBay? Do you have a small business idea even a rental property? What about a blogger a blogger that generates revenue? You know you got to have a site? That’s actually generating revenue But the beauty is then when you travel with your family your kids are on your board of directors You have a small business Purpose five rentals where you travel take your kids to go work on the rental good to know time to get extra credit mark Thank you. We’re at a time you hear that music we got to be lovin it. Thanks for having me you’re not dancing Bringing over there


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