Let’s start with how the Augusta Rule Deduction works so you can see how many customers can qualify for this great deduction.
These are the basic requirements:
Client Is a Business Owner
Your tax client is a business owner of an S Corp or C Corp.
Single-member LLCs are not an option though.
The Client Has a Domicile
The client has a home that’s recognized as their domicile by the IRS. This is more flexible but it can include a boat, home, or mansion. We provide data for comparable event space leases, leaving you to set IRS recognized lease rates for their home per hour.
The Client Has Meetings
The client holds meetings for their business, and holds a maximum of 14 meetings a year. The meetings are for a legitimate business purpose, the attendees are documented, and there are meeting notes taken.
That’s simple, right?
The Client Documents and Follows IRS Rules
The client needs to keep records for historic meetings. We make it very easy for your client to document their Augusta meetings as long as they have the info available. The client doesn’t hold more than 14 meetings a year and sticks to your lease rates.
The Client Works with You
We work with the pros, like you, and you alone. Giving clients great deductions like this ensures client loyalty so that they keep working with you. Build that Tax Advisory process through the Augusta deduction to start. This is a great way to ensure you work with clients, not just from Jan-April 15th annually.
There are other details to Augusta but we help you along the way with guidance and support.