How Can I Maximize Meals and Travel Deductions?

Are you struggling to save money on your small business taxes? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to maximize meals and travel deductions, separate entertainment expenses from meals, and find a business purpose for all meetings that involve food or drinks.Mike provides examples of deductible meal expenses such as dining with prospects or staff members, company parties and presentations, team-building activities, recreational events and more.Mike adds more items that are eligible for deductions, which are transportation costs, lodging expenses, and rental cars.Tune in now as Mike shares an example of how a road trip can be used as both a business trip and a personal vacation if planned correctly![00:00] Maximizing Tax Deductions For Meals And TravelToday’s episode is all about maximizing meals and travel deductions!Mike states that starting in 2018 with the Tax Cuts and Jobs Act, entertainment expenses are no longer deductible, but the meal portion around that entertainment can be expenses[01:38] Unlocking The Potential Of Travel ExpensesCompany parties or presentations and food for restaurants are 100% deductibleMeals are generally 50% deductible when dining with a prospect, client, vendor, staff member, or team memberMike provides examples of expenses:Potential client/employee team mealsCompany parties/presentationsOffice meals and foodFood and drinks at golf outingsTeam building/recreational eventsMeals at a country club[13:59] Maximizing Business Deductions And Write-OffsMeal and drink of a country club membership is deductible if used for business purposesSolo meals and drinks are deductible if it is part of a business meeting or on an overnight tripTravel expenses such as transportation, lodging, car rentals, tolls, parking, taxies, Uber are deductibleWhat is considered a “Business day”?  [15: 53] Closing SegmentMike shares how a road trip can be used as both a business trip and a personal vacation if it’s planned correctly!Final WordsKey Quotes“Don't get greedy. Do the sniff test on these items, and make sure you're documenting and supporting to help back all this up.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com