Dine and Deduct: Business Meal Taxes Explained
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In this video I explain
In this video I explain the business meals tax deduction. Specifically, I discuss:
Why the IRS even allows business owners to deduct meals…I think if you understand this concept, it will eliminate a lot of your questions about why is a meal deductible or not.
What meals are not deductible at all, what meals may be 50% deductible and what meals are 100% deductible.
What you should do in your bookkeeping software to keep track meals vs. entertainment.
What do you need to do for record keeping? Is having a receipt good enough?
What to avoid when deducting meals as a business expense?
What is “ordinary and necessary” as it relates to deducting meals for business?
I’ll wrap things up by giving you some tips and tricks such as how to deduct meals for your spouse, what to do if you split the bill with someone and a couple other helpful items so make sure you watch till the end or you’ll miss those important items.
🔗Useful Links:
🌐 Website: https://navimarajcpa.com/
📋 Enroll In My Course - Small Business Taxes: From Knowing Nothing to Savings Thousands: https://navimarajcpa.com/learn/
📁 Setup your LLC or Corporation for FREE:
FileYourBusiness.com: https://www.fileyourbusiness.com/
Inc Authority: http://bit.ly/incauthoritycoupon
IncFile: http://bit.ly/incfilecoupon
ZenBusiness: http://bit.ly/zenbusinesscoupon
📒 Video Notes and Resources 📒
00:00 Topic: Deducting Business Meals
00:15 Questions I'll be answering
02:07 Why does the IRS allow business owners to deduct meals?
03:03 What meals are not deductible at all, what meals may be 50% deductible and what meals are 100% deductible?
03:13 Meals that are 0% deductible
04:02 Meals that are 50% deductible
05:06 Meals that are 100% deductible
06:05 Bookkeeping for business meals
07:04 Meals vs. Entertainment
08:00 What do you need to do for record keeping?
08:42 What is “ordinary and necessary” as it relates to deducting meals for business?
09:44 What to avoid when deducting meals as a business expense.
10:30 Tips, tricks and strategy
If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.
Website: https://www.navimarajcpa.com
Email: [email protected]
Instagram: Instagram: navimarajcpa
LinkedIn: LinkedIn: navimarajcpa
Twitter: Twitter: NaviMarajCPA
Facebook: Facebook: Navi-Maraj-CPA-PLLC-107003020774608
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#taxdeductions #taxstrategy #meals #foodie
Why the IRS even allows business owners to deduct meals…I think if you understand this concept, it will eliminate a lot of your questions about why is a meal deductible or not.
What meals are not deductible at all, what meals may be 50% deductible and what meals are 100% deductible.
What you should do in your bookkeeping software to keep track meals vs. entertainment.
What do you need to do for record keeping? Is having a receipt good enough?
What to avoid when deducting meals as a business expense?
What is “ordinary and necessary” as it relates to deducting meals for business?
I’ll wrap things up by giving you some tips and tricks such as how to deduct meals for your spouse, what to do if you split the bill with someone and a couple other helpful items so make sure you watch till the end or you’ll miss those important items.
🔗Useful Links:
🌐 Website: https://navimarajcpa.com/
📋 Enroll In My Course - Small Business Taxes: From Knowing Nothing to Savings Thousands: https://navimarajcpa.com/learn/
📁 Setup your LLC or Corporation for FREE:
FileYourBusiness.com: https://www.fileyourbusiness.com/
Inc Authority: http://bit.ly/incauthoritycoupon
IncFile: http://bit.ly/incfilecoupon
ZenBusiness: http://bit.ly/zenbusinesscoupon
📒 Video Notes and Resources 📒
00:00 Topic: Deducting Business Meals
00:15 Questions I'll be answering
02:07 Why does the IRS allow business owners to deduct meals?
03:03 What meals are not deductible at all, what meals may be 50% deductible and what meals are 100% deductible?
03:13 Meals that are 0% deductible
04:02 Meals that are 50% deductible
05:06 Meals that are 100% deductible
06:05 Bookkeeping for business meals
07:04 Meals vs. Entertainment
08:00 What do you need to do for record keeping?
08:42 What is “ordinary and necessary” as it relates to deducting meals for business?
09:44 What to avoid when deducting meals as a business expense.
10:30 Tips, tricks and strategy
If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment.
Website: https://www.navimarajcpa.com
Email: [email protected]
Instagram: Instagram: navimarajcpa
LinkedIn: LinkedIn: navimarajcpa
Twitter: Twitter: NaviMarajCPA
Facebook: Facebook: Navi-Maraj-CPA-PLLC-107003020774608
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
© Navi Maraj CPA PLLC. All rights reserved.
#taxdeductions #taxstrategy #meals #foodie
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