Meals can be a business expense, but you must do it correctly!
Here are some key tips to help you avoid making mistakes:
Sit-down meals are deductible, but grab-and-go meals usually are not (unless while traveling for business)
Now this doesn't mean that if you are working you can just write off meals. What it means is if you:
Take a client to dinner or meet with someone to discuss business
Purchase a basket of fries or coffee to use a table
Or even buy something for your clients so you can conduct business
You should always record the intention, attendees, date, time and amount of the meal for required documentation purposes
A helpful tip is to write it on the back of the receipt and then take a picture of both sides of the receipt. Here's an acronym to help you remember what to capture. I Always Do That, Ahh!
Use software tools such as NotaryAssist to maintain and organize your records, plus generate reports and logs. NotaryAssist also lets you upload copies of your receipts
Work with qualified tax professionals to stay informed and up-to-date with tax laws and changes
REMEMBER that in 2023, the allowable deduction for meals will return to 50% of the meal cost. This is subject to change annually.
By following these guidelines, you can maximize your business deductions while staying compliant with tax laws & regulations.
READ ALL OF THIS YEAR'S TAX TIPS BY CLICKING HERE:
https://www.notarystars.com/blog/notary-tax-tip-space-equipment-rentals-purchases
https://www.notarystars.com/blog/can-signing-agents-write-off-meals-on-taxes-yes-and-it-pays-to-eat-in-2023-as-long-as-you-do-things-properly
https://www.notarystars.com/blog/mileage-for-notary-business-owners
https://www.notarystars.com/blog/bad-signing-agencies-unpaid-signings-tax-tips
https://www.notarystars.com/blog/tax-tips-from-sue-hope-glen-hill
https://www.notarystars.com/blog/tax-tips-from-sue-hope-glen-hill-january-2023
https://www.notarystars.com/blog/your-notary-loan-signing-agent-business-tax-time
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