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Showing content with the highest reputation on 02/05/2020 in all areas

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    To refresh, a business meal includes: meals in your area of business WITH a business colleague, or meals by yourself when you travel out of town for business. The key to making sure any deduction holds up in an audit is DOCUMENTATION. For meals specifically, there are five items you need on a receipt: 1. The name of the restaurant 2. The date of the meal 3. The amount you paid 4. Who you met with and their business relationship 5. What business items you discussed The first three items are already on the receipt so you’re covered there. The last two, a best practice is to jot them down on the receipt right when you make a purchase and then snap a picture of that receipt so you have it! Remember, you want to pay as little tax as possible and also have those deductions HOLD UP if you get audited! Please take the proper steps to document your meals guys. To learn more about this and other tax saving strategies please call 1954-324-0803 or book an appointment at https://calendly.com/markjohnsontaxplanner/45min


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