You likely know that tax reform did away with business tax deductions for prospect and client golf. BASC Expertise small business tax filing Gilbert can guide you.

But did you know that charity golf is gone too? Buried in tax reform is the elimination of the 100 percent business deduction for charity golf and other special charitable sporting events.BASC Expertise small business tax filing Gilbert can guide you.

To put this into perspective, let’s say you are going with three clients to a charity golf event that’s put on by a school, church, or registered 501(c)(3) organization such as the Red Cross or a cancer society. Your package cost for the foursome is $1,000.

Before tax reform, your tax deduction was $1,000, assuming you discussed business before, during, or after the event.

The event was considered a business event not subject to the business entertainment tax deduction cut of 50 percent.

Further, the deduction was not a charitable contribution for tax purposes, and thus you did not have to reduce your deduction under the charitable rules. This stopped on January 1, 2018. BASC Expertise small business tax filing Gilbert can guide you.

Now you have no business deductions for participating in or attending a charitable sporting event. You have to claim the deductions as charitable deductions, and that gives you a far smaller deduction than before. BASC Expertise small business tax filing Gilbert can guide you.

If you are going to participate in some charitable sporting event and you are looking for some guidance, please don’t hesitate to call me on my direct line at 480-355-1398.