The Meals Tax Deduction for Realtors and Small Business Owners

Рет қаралды 2,894

Күн бұрын

This video is for Real Estate Agents, Realtors, Brokers and other small business owners who want to learn more about the meals tax deduction. I answer the questions listed below:
1. What meals are 0%, 50% and 100% deductible?
2. What do you need for recordkeeping to deduct meals?
3. What not to do when using the meals tax deduction?
4. What are some helpful hints when using the meals tax deduction?
5. Why does the IRS even provide a meals deduction for business owners to use?
Take what you learn from this video and ask your legal or tax professional all of your specific questions. If you want to contact me, my information is below.
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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation.
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Пікірлер: 21

@AURORAH2024 Жыл бұрын

Thanks.

@NaviMarajCPA Жыл бұрын

You're welcome!

@roberte.bainesjr.7164 2 жыл бұрын

Great info

@simplyliberating Жыл бұрын

Love your videos, thank you for the great content! I was wondering if you can clarify for accounting purposes, do you designate meals during business trips as travel expense or as meals and entertainment expense? Thanks!

@NaviMarajCPA Жыл бұрын

Good question. Meals should go under Meals and Entertainment, not Travel. Personally, I like to have an account specifically for Meals and a separate one for Entertainment since Meals are 50% tax deductible and Entertainment is not tax deductible.

@yousafrehman2243 3 жыл бұрын

Great Content on all your video's. Thank you for sharing.

@NaviMarajCPA 3 жыл бұрын

Thank you for watching and for the feedback!

@raymondcarmichael873 3 жыл бұрын

Absolutely amazing information. Thank you very much.

@NaviMarajCPA 3 жыл бұрын

Thanks for the feedback Raymond...glad you found it helpful.

@mikeyv7171 2 жыл бұрын

Thank you for the explanation!

@NaviMarajCPA 2 жыл бұрын

You're welcome Mikey!

@msbee53 3 жыл бұрын

Thanks for the information.

@NaviMarajCPA 3 жыл бұрын

You're welcome Bianca!

@Tsaih181 2 жыл бұрын

this is very helpful!!

@NaviMarajCPA 2 жыл бұрын

Glad you found it helpful Tsai!

@tonydayhoff2224 2 жыл бұрын

Thank you for the great information you provide! Two quick questions... Do you need to keep the itemized receipt or just the total amount receipt? Does it matter if clients order a alcoholic beverage instead of soda?

@Zephyr85100Shawn 3 жыл бұрын

My accounting software doesn’t have a category for the 100% deductible meals. How do I handle that?

@NaviMarajCPA 3 жыл бұрын

Hi @Shawn Turpen. Depends on which software you are using. You can put the 100% deductible expenses in a category that you don't use and then when you prepare your taxes, let your tax preparer know that the category truly represents 100% deductible meals.

@davit1 3 жыл бұрын

if I live in (and the company is based in) state X. I am working as a contractor in state Y for 3 months, 6 days a week, 12 hour days. Am I allowed to write off all my meals as 50% or would this be counted as 0%? The meals are all taken alone but I am out of state, I am assuming 0% but looking for clarification.

@NaviMarajCPA 3 жыл бұрын

Hi David, check this IRS article - you may find it helpful to obtain your answer. It technically isn't tax law but helpful nonetheless. www.irs.gov/taxtopics/tc511.

@jasonsignor7237 2 жыл бұрын

But if you’re a single member LLC, and you have a meeting and meal with just yourself, aren’t you having meal with all of the members? Not tax deductible? Darn IRS. 🤣