Maximize your Meals and Entertainment Tax Deductions in 2023
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- Äas pĆidĂĄn 6. 08. 2024
- Small business owners are often confused about what is tax deductible when it comes to meals and entertainment (aka 'M&E') expenses! That's OK, Hannah is here to clear everything up. What is tax deductible in 2023? This video will explain all and some exceptions to watch out for in order to deduct more!
In this video, you will find:
0:00 Introduction to Meals and Entertainment
0:34 Subscribe to the channel please!
1:00 Entertainment
2:50 Dues and Memberships
3:35 Meals
5:50 Reimbursement Exemption
7:10 Employee Recreation Exemption
8:40 Meals for Marketing Exemption
Read more about Meals and Entertainment Expenses and what the IRS deems deductible in Publication 463: www.irs.gov/pub/irs-pdf/p463.pdf
To learn more about CFO services, go to: claracfo.com/cfo-services/
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.
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Thanks Dear Clara for uploading another value added video!
thanks for watching!!
This video helped me do much!!!
Thanks again Hannah! Great video
Thanks for watching!
Hannah your the Best I didn't know a lot this THANK YOU AND GOD BLESS YOU
Thanks for being here!
What about meals while traveling for business and water/snacks in the break room?
LOVE your videos and you're wonderful at being clear!!!
Thanks! These are all 50% as well.
Great content, thank you for sharing! For entertainment, are you saying it can no longer be expensed/paid out of business account or it is simply not deductible but we can still run it through company expense?
Wow glad Iâll find your CZcams
me too :)
Hi, how about per diem rate. Can a track drive deduct meals
Greetings. On meals I hear it started this year however regarding filing taxes for 2022, is that still at the previous percentage? Thank you!
Hi- what occasions would fall into the meal category? I am starting a new job and I will be supporting a CFO. I have always done expenses in Coupa, and Concur but now I have to do it in Excel and manually enter everything. What situations would fall into the meal category / 50% deductible.
Clara, I have a question on the subject of meals. In this case, the company donates bread to its employees every day, could this donation be 100% counted?
Always one of my biggest questions on how to categorize. How about buying lunch for guys on your construction site.. not the owner of the construction company but the owner of the project they are working on.
I get 3 incomes from different sources. On their own filling out the w4 online estimator shows me getting a refund, but when all the income is combined I end up paying 3,500$ plus penalties. Is there a way to just send the irs a monthly check without filling out a bunch of forms. Just like the light bill and other bills.
Great content! Reimbursement was spelled wrong though.
Thanks! Did you know some youtubers purposely make mistakes so people will comment and correct them!? We didn't do that on purpose, but I thought that was really interesting when someone told me that!
Appreciate your share! Please make a video about per diem and what it covers. Is there a difference in coverage for a regular per diem and special transportation per diem allowance? Thanks.
Like anything, the rules are complicated!
But...If you file your tax return as a proprietor or a corporation (C corporation or S corporation) in which you own more than 10 percent, you may not use the daily per diem allowance that covers lodging, meals, and incidentals.
I believe this also excludes close relatives.
@@John_GGG thanks for replying. This is a single member S-corp doing trucking. Special transportation per diem is defined at 69 $ per day. My EA insisted to exclude lodging expenses from total per diem deduction which is doubtful to me not just by definition but mathematically as well.
How about gifts??? If I send flowers every now and then to a customer or vendor. Or if I give them a wine bottle for example
wow, nice Dear Clara Thanks for uploading another value added video
Thanks for watching!!
@@ClaraCFO welcome dear
Thanks Hannah, what about a contractor who is out on the road all day going from job to suppliers and basically running around all day, can they deduct 50% of their lunch each day? I think this would be justified, what do you think? Thanks.
Sorry, but no
Business meals can be deducted only when the taxpayer or an employee is present at the meal along with a current or potential client, business contact, or consultant. Meals for guests, such as spouses, are not deductible.
In most cases, meals must be provided by a restaurant or, in the case of larger events, a caterer, to be eligible. Food purchased at a grocery or convenience store is not deductible.
Do you help small businesses get their books straight?
It seems that meals could go under "Research" (which we believe is 100% deductible) if you do, for example, a podcast on food or dining or health (etc).
Few people could get away with that though!
@@ClaraCFO So if one can't deduct meals/entertainment did the IRS give any concessions to make up for this?
Bummer
Hey Hannah, shot you a LinkedIn Request and an Email. CourseCareers would love to speak with you about potentially becoming an instructor for our accounting program! Hope to talk soon