Here’s a fun deduction... business meals. The basic rule is that you can deduct meals where you conduct a "bona fide" business discussion. This means clients or patients, prospective clients or patients, referral sources, and business or professional colleagues. So let me ask you - when do you ever eat with someone who's not a client, prospect, referral source, or business colleague?
If you're in a business like real estate, insurance, or investments, where you're constantly marketing yourself, the answer might be "never." Be sure you deduct every meal where you legitimately advance your business! You don't even need receipts for expenses under $75. You just need to record the cost of the meal, the date of the meal, the place where it takes place, the business purpose of your discussion, and your business relationship with your guest. Do you ever entertain at home? Ever discuss business when you do it? Are you deducting those meals, too? There's no requirement that you eat out. So don't forget to deduct home entertainment expenses too! We'll help you make the most of your deductible meals and entertainment so you don't miss a deductible dollar!
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