How much of your latte this morning was deductible? Read on to learn how it can be a perfectly legal 100% deduction.
First, let’s start off with what it takes to turn a meals expense into a tax deduction.
You need to have a business. And that means a real business, in the eyes of the IRS, in which you have a profit motive and are running it like a business.
Then, you need to be able to prove that the meal expense is related to your business. There is a business purpose for the meal that is ‘ordinary’ and ‘necessary’ to the production of income.
If you meet these two tests (business and business purpose) and you keep the necessary records, then you’ve got a 50% deduction.
But there’s more. You could also get a 100% deduction if you have the meal at your place of employment “for the benefit of the employer.” If you have a business, you’re the employer.
That means lunch meetings at the office where you bring in take-out food, you’ve got a 100% deduction. Eat a bagel and cream cheese at your desk while you’re answering email and you’ve got a 100% deduction.
This week we’re featuring the “Business Deduction Maximizer” at the special low price of just $99.
The second product in our bundle is Tax Free (and Almost Tax Free) Benefits From Your Business. Benefits are one of the best perks your business has to offer. And there are a lot to choose from! In this new product, we’re going to look some common business benefits and some not-so-common ones. We’ll also look at some ways you can reward yourself as well as your employees with specific benefits that will work for your business.
Here are just a few of the topics we’ll be covering in this product:
- Discriminatory and non-discriminatory pension plans
- Insider’s look at the new Healthcare Reform legislation
- Medical Expense Reimbursement Plans (for C Corporations)
- Disability and Life Insurance
- Kiddie Care
- De Minimus Fringe Benefits
- Paid business gym
- Employee loans at low rates
- Company-paid trips for you and your spouse
- Educational Assistance
- The best way to travel and eat, tax-free, and
- Pension Plans