Deducting Business Meal Expenses
When you're in business for yourself, many times you might find yourself paying for meals in a business setting or while on business-related travel.
This video goes into what constitutes and business-oriented meal, what expenses used, and how much of those expenses can be deducted. It also goes into the concept of a "per diem" meal allowance when traveling for business.
0:00 Introduction
1:03 What is a "Tax Home?"
2:33 "Clear Business Component"
3:11 Deduction Limitations
4:45 "Per Diem" Allowances
6:54 Conclusion
ADDITIONAL RESOURCES AND INFORMATION:
IRS Publication 463: "Travel, Entertainment, Gift, and Car Expenses": https://www.irs.gov/pub/irs-pdf/p463.pdf
U.S. General Services Administration: "Per Diem Rates": https://www.gsa.gov/travel/plan-book/...
(The IRS uses the rate the GSA allowance for government travel as the allowable per diem rate.)
nolo.com: "Deducting Meal Expenses for Business Travel in 2024": https://www.nolo.com/legal-encycloped...
The Tax Geek on the Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image and footage credits:
Storyblocks.com
Pexels.com
The Rail Geek
The image of "Laurence" was generated by Stability.AI, and other AI Generated images are noted where used. Any resemblance between these images and any person, living or dead, is incidental and not intended.
NO OTHER ARTIFICIAL INTELLIGENCE WAS USED TO WRITE, EDIT, ANIMATE, VOICE, OR EDIT THIS VIDEO
Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.