Pit & Quarry, August 2018

mAnAGemenT In order to deduct a cruise ship convention meeting or other event even more stringent rules exist First the cruise ship must be a U S registered vessel Second the ship must make all of its ports of call in the U S or U S possessions Finally the tax law limits cruise ship convention deductions to only 2000 per year And dont forget a signed written statement showing how much time was devoted to business and another statement confirming both the scheduled activities and participation are required Those dReAded ReceIPTs While receipts for expenses of 75 or less are not required its usually a good idea to keep detailed records and receipts for everything whenever business expenses are claimed They often serve as a reminder of a deductible expense especially when the payment was in cash When attending a show meeting or conference a copy of all charges as well as a copy of the convention schedule or agenda can help prove its relevance to the business Also keep in mind that while there is no overall dollar limit on the amount that can be deducted for the expenses incurred while attending a trade show costs that are lavish and extravagant cannot be deducted The boTTom lIne As with the travel and lodging expenses of other business trips the primary reason for attending a trade show convention meeting or seminar must be business related in order to qualify for deductions When it comes to events for investment political social or other purposes unrelated to business only a limited expense deduction may be available If the trip is strictly a disguised vacation business travel expenses cannot be deducted In general all ordinary and necessary expenses for attending business meetings and conferences can be deducted when the expense is directly related to the crushed stone sand and gravel business With certain limitations allowable expenses include travel lodging meals and associated outof pocket costs so long as they are not extravagant or for personal purposes Additional guidance is available from the IRS in Publication 463 Travel Entertainment Gift and Car Expenses A copy of this publication is available at www irs gov formspubs Any aggregate producer or business owner needing help with this most confusing area of our tax rules might seek professional advice P Q Mark E Battersby is a freelance writer who has specialized in taxes and finance for the past 25 years MODELRS CABLE OPERATED SAFETY STOP CONTROL FOR CONVEYORS FOR EMERGENCY SHUTDOWN OF CONVEYORS Provides 200 of coverage Cannot be accidentally reset Explosion proof models available Broken cable detection models available UL CSA Certified ISO 9001 Registered O FOR MORE INFORMATION Visit www conveyorcomponents com or email us at info@ conveyorcomponents com 130 Seltzer Road PO Box 167 Croswell MI 48422 Phone 800 233 3233 Fax 810 679 4510 FALVEY STEEL CASTINGS Serving the industry since 1960 Best Service Best Quality Best Price 781 767 6210 falveysteel com 66 PIT QUARRY August 2018 pitandquarry com