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View Diary: I am Tired of the Taxpayers Paying For Food For Rich People (229 comments)

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  •  There is a schedule of acceptable amounts based on (2+ / 0-)
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    slothlax, Johnny Nucleo

    geographic location.  Last time I filled out a schedule C it was like $109 a day for New York City and like $48 a day for San Antonio.  The day's of $500 wine are over for tax deductions.  

    What people are confusing here is that some high level employees are given expense accounts for entertainment that are not deductible as a business expense.  I'm sure Jamie Dimon's contract has an expense allowance with very few restrictions other that total dollar amount.  He can buy $500 dollar bottles of wine all he wants, but they are not tax deductible.  The expense account is part of his compensation and goes on his on 1040A as personal income.  (And in that regard, it is deductible to the company as salary expense, which is completely separate from what we are talking about here).  

    We are all in this together.

    by htowngenie on Fri Sep 20, 2013 at 03:14:19 PM PDT

    [ Parent ]

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