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Accounting & Bookkeeping & Small Business Forum
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Guest
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| Posted: Tue Dec 16, 2003 1:13 am Post subject: Entertainment expenses and deductions |
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| Is there a ball park $ figure for every $ claimed deducted what our clients would actually save on taxes? |
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Guest
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| Posted: Tue Jan 06, 2004 3:39 pm Post subject: RE: Entertainment expenses and deductions |
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The amount is directly proportionate to their % tax bracket. For each one thousand in deduction, they will save that % on their taxes. Take a look at the federal tax tables to estimate how much that means.
One of the tools that I use in calculating this and for estimating for next year is the "what if or tax estimation" tool in my tax software. You'll see the impact right away and allow both you or your client great info.
Micki
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