Small Business Tax Savings Podcast
Business:Entrepreneurship
Unlocking the Secrets of Meal Expense Deductions for Small Businesses in 2024
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Ever wondered how to save on taxes with your business meal expenses?
In this episode, Mike Jesowshek discusses the ins and outs of meal expense deductions for small business owners. He explains how these deductions can turn after-tax spending into pre-tax spending and outlines the criteria for deductibility. Mike emphasizes the importance of detailed record-keeping and highlights various scenarios where meal expenses can be deducted. He also touches on the differentiation between meal and entertainment expenses and mentions strategies to maximize deductions while cautioning against excessive claims that could raise red flags with the IRS.
Discover practical tips by tuning in!
[00:00 - 03:38] Introduction and Basics of Meal Deductions
meeting.
[03:39 - 09:08] Types of Deductible Meal Expenses
[09:09 - 13:31] Detailed Record-Keeping, Strategies, and Pitfalls
[13:32 - 17:02] Recap and Additional Resources
Direct Quotes:
"Meals are a great opportunity to turn after-tax spending into pre-tax spending." - Mike Jesowshek
"Keep detailed records. Write directly on the receipt who you met with, the purpose, and snap a photo for your files." - Mike Jesowshek
"Don't get greedy. Make sure you're smart with it. The IRS allowed us to move after-tax spending into pre-tax spending." - Mike Jesowshek
"Even though you might be having lunch with someone you consider non-business related, if you're talking business, you can often tie that to a business purpose." - Mike Jesowshek
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Podcast Website: https://www.TaxSavingsPodcast.com
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