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Showing content with the highest reputation since 09/07/2012 in all areas

  1. 4 points
    I have been reading up on taxes recently because I came across an app to download on my phone called Stride Tax. The app contained several articles including one that was the top 3 commonly missed deductions. Disclaimer, I did not write this article. I am sharing one section of it. I do hope this information helps someone. The article talks about deducting a portion of your cell phone. business related insurance, and meals for your business. The section I am going to provide for you is the one about meals. Let me know if you need either the cell phone or business-related insurance information and I will post it for you. Another disclaimer, I do not do booking keeping for a living. But I am the one that has been keeping track of the receipts for the last 15 years or an affiliate business that my husband and I do jointly for the last 15 years. Because of this tedious experience I have been figuring out the tax rules and regulations off and on and they are constantly changing. It's good to keep up with the information and be up to date. I know it's not my favorite subject either but until government stops making us pay taxes, yes I am dreaming on that one, it is good to be updated on all the rules and regulations. Hope this helps you. June 15th the quarterly taxes are due. Business-related meals When you’re getting a business off the ground, chances are you'll be networking often--and that can get expensive. You'll rack up a pretty big bill by meeting just 5 potential clients over coffee each week. If your food or drink expense has a business purpose, then it’s partially deductible. Meals are limited to a 50% deduction, so the $20 meal that you shared with a business contact will get you a $10 deduction! Careful! Meal expenses are a highly scrutinized item on your tax return. Be sure to keep diligent records of all of your business-related food and drink expenses! This means you've got to keep your receipts and should even jot down a few notes on the purpose of the meeting. The goal is to give an auditor no reason to second guess the legitimacy of your deduction.
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