How to Take Business Meal Write-Offs: 2021
March 12, 2021
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7:51Now PlayingHow to Take Business Meal Write-Offs: 2021
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Your meal MUST HAVE a business purpose. 💼
Sadly, the government won’t be covering all of your daily food expenses. ❌
However, you can take advantage of networking and dining as long as you’re conducting business with another individual, whether that be a business partner, networking friend or employee.🍽
If the IRS asks for proof that these meals were business related, you’ll need to have kept a copy of the receipt or transaction and you should know the date and what the business meal was discussing whether it be a business deal, or just a casual meeting. 🤝
These meals are 100% deductible in the year of 2020. 💯
If you’re like most people, you’re waiting till the end of the year to try and remember everything you did and what each purchase was for.
That sounds miserable.
You misplace receipts, forget what some expenses were and everything under the sun.
I can't remember what I had for lunch last Monday, how am I going to remember what I bought 3 months ago? How about 9 months?
You’re leaving yourself a huge margin for error!❌
Subscribe to my channel for more great tax info.
#forbes #business #entrepreneur #taxsaving #goals #motivated #tax
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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