Tax write offs
With tax season in full swing, I thought Id ask what you write off for taxes? Im new to the business (5 months in) so havent done my taxes as a CRE agent yet. Gas for sure but what about clothes, dinners, etc?

Thanks!
[{"id": "d07x2yf", "text": "&gt;Gas for sure but what about clothes, dinners, etc?\n\nYou need an accountant, I mean, assuming you have enough money that it matters if a bunch of your deductions get thrown out in an audit.   I think an 'enrolled agent' is the certification you are looking for if it's just you and the IRS.  (my understanding is that a CPA is better if you want your books in a state that they can be turned over to other people, e.g. if you are selling your company)  \n\nThe first problem is that, assuming the car is yours and not the companies, at least according to my accountant, you should deduct the mileage, not the gas.  IRS has a per-mile rate you get to write off, which is rather a lot more than just the cost of gas.   \n\nClothing and food is... complicated.  If you want to do your own bookkeeping?  that's great, but you should set yourself up with someone who knows the law to help you figure out things like this.  ", "replies": [{"id": "d09fqjd", "text": "/thread", "replies": [], "depth": 2}, {"id": "d0a97g1", "text": "EA focus on tax, CPAs focus on accounting. CPAs can create authorized financial statements which would help in an acquisition.", "replies": [], "depth": 2}], "depth": 1}, {"id": "d0a95kq", "text": "Enrolled Agent and former CRE agent here.\n\nAre you completely 1099 or do you have W2 as well?\n\nI wouldn't write off gas so much as writing off mileage which includes repairs etc. \n\nMeals and Entertainment you can write off, but you have to keep track of who you had the meal with and for what purpose. This is going to be taken at a 50% rate. \n\nClothing has to be able to be used only for business purposes, its hard to argue that you could only reasonably wear a suit for work. Even rock stars are subject to this scrutiny, there is a lot of case law  around this.\n\nIf you have more questions PM me or check out www.archertaxgroup.com\n\n", "replies": [], "depth": 1}]