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CMVA12

One common mistake to avoid on your quarterly taxes

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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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