Artwork for podcast Business By The Numbers
Not All Deductions Are Equal [E059]
Episode 5930th March 2023 • Business By The Numbers • LSTN Media LLC
00:00:00 00:42:14

Share Episode


This week Hunt discusses the differences in taxation of common expenses that you might not be aware of.

• What kind of meals am I allowed to deduct and how are in house meals different than meals offsite?

• How much of a deduction do I get if I donate my services to a charity or donate a piece of business equipment?

• Should I write off my life insurance premiums?

• What other classifications should I be aware of on my P&L that could effect my end of year taxes?

Thanks to our sponsor partner NAPA TRACS

Paar Melis and Associates – Accountants Specializing in Automotive Repair

Visit us Online :

Email Hunt:

Get a copy of my Book : Download Here


**Classification of expenses [:

**Exceptions to the rule [00:01:45]**

s and entertainment expenses [:

**Changes in the tax law regarding entertainment expenses [00:04:12]**

ls and entertainment expense [:

**Reclassifying entertainment expenses as advertising expenses [00:07:26]**

**Classification of Expenses [:

**Meals [00:09:02]**

% Deductible Meals [:

**Business Meals [00:10:37]**

ce of Shop Management System [:

**Meals and Entertainment Expenses [00:13:23]**

% Deductible Meals [:

**Classifying Expenses [00:14:59]**

**Onsite Meals [:

**Classification of Expenses [00:16:44]**

oyee Parties and Open Houses [:

**80% Meals [00:19:41]**

**Meals and Entertainment [:

**Charitable Contributions [00:21:18]**

izing and Standard Deduction [:

**Charitable Contributions vs Advertising [00:23:52]**

**Charitable Contributions [:

**Donating Equipment to Charity [00:25:29]**

Off Work Done for Charities [:

**Charitable Expenses [00:28:37]**

ons to Charitable Deductions [:

**Insurance Deductions [00:30:09]**

ance of Disability Insurance [:

**Deductibility of Disability Insurance and Life Insurance Premiums [00:33:07]**

ting Life Insurance Premiums [:

**Insurance and Deductions [00:36:24]**

**Fines and Penalties [:

**Be Careful with Categorization [00:38:02]**

**Exceptions to the Rule [:

**Classification of Expenses [00:40:19]**

**Tax Code Complexity [: