Quote:
Originally Posted by mostpost
I should have said Biden never made MORE than $400.000which is what he said. The expense and entertainment allowance he gets is not earnings. He has to account for any spending and anything left over goes back to the US Treasury.
|
I seriously doubt you have the knowledge to or ever filled out a tax form more complicated than the old 1040 EZ. Whether that entertainment allowance is taxable income aka earnings would be an interesting question for the I.R.S.
I would venture an educated guess you could get just as many no as yes answers from them. I no longer attend trade shows, conventions, or entertain clients. All of them are out of state.
The rules have evolved through the years, currently lets say you took a client to a baseball game. You could write off the food or drink you provided them with, but not the cost of the box seats. You can read I.R.S. publications and that is plain as day.
In most instances businesses can write off expenses individuals cannot or write off full values where people who work for others can only write off portions. No idea what it is now because it does not concern me, back in the day working for the man a machinist could write off personal tools needed to earn a living, but they were subject to only the amount over the floor which of course they kept raising. I remember it being anything over 2% of unadjusted gross income. Self employed I could write off any amount even if I bought one screwdriver all year.
If there are any tax professionals out there chime in on if you think what Biden uses of that $19k a year entertainment budget is taxable.
