Monday, December 9, 2013

TIPS60 - Maximizing the Tax Deductibility of a Business Meal

Here is another of our videos offering tips and inisights into the business of photography. a transcript of the video is included after the jump.

(Continued after the Jump)

TRANSCRIPT:Here are a few thoughts on how to maximize the tax deductibility of a meal. I'm John Harrington. If you have a staff, if you have people working for you, when you're taking them out to a meal and you go to a restaurant and the bill is $100, you're actually only able to deduct about half of that. That being said, if you order carry out or take-out from that restaurant, bring that meal back to your office, the same exact meal, it becomes then an office meal, a meal taken in your office and as such is 100% deductible so that $100 charge you can deduct at $100 rather than $50. Now, I'm not an accountant, you just check with your accountant on this, but the benefit of having that meal in the office at 100% can be well worth getting in the car and bringing it back to the office and sitting around a table in the conference room, or otherwise just talking business in the office environment. So look into the tax deductibility of your meals and how to deduct them by maybe bringing them back to the office.

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