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Tax Deduction Consulting: Business Meals Silver City NM

There are few deductions that are as open to questions as business meal deductions. The issue revolves around just exactly what makes a meal a business expense and not merely the necessary act of eating. Read and get more info from the following.

Max Leach (RFC®), CLU, RFP
(505) 344-2255
10308 Candelaria NE #345
Albuquerque, NM
Qualifications
Education: BS
Years of Experience: 16
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, BuySell, LiabCover, Compensation Plans

Data Provided by:
H&R Block Inside Sears At Cottonwood Mall
(505) 922-7292
10000 COORS BYP NW
ALBUQUERQUE, NM

Data Provided by:
H&R Block
(575) 472-2627
132 S 5TH ST
SANTA ROSA, NM

Data Provided by:
Liberty Tax Service
(866) 871-1040
1112 San Pedro Dr Ne
Albuquerque, NM

Data Provided by:
Liberty Tax Service
(866) 871-1040
475 Coors Blvd Nw # D
Albuquerque, NM

Data Provided by:
Mrs. Natalie Voskresensky (RFC®), MBA
(505) 858-2443
2 Juniper Hill Rd NE
Albuquerque, NM
Company
PLAN RIGHT, LLC
Qualifications
Education: MBA, Accounting Concentration
Years of Experience: 13
Membership
IARFC
Services
Invoice, Business Planning, personal Coach, Retirement Planning, Tax Returns, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Auto Home Insurance, Asset Protection, LiabCover

Data Provided by:
H&R Block Inside Mills Plaza
(505) 425-1040
258 MILLS AVE
LAS VEGAS, NM

Data Provided by:
Liberty Tax Service
(866) 871-1040
1449 Eubank Blvd NE Ste A
Albuquerque, NM

Data Provided by:
H&R Block
(575) 434-1761
805 WHITE SANDS blvdSTE B
ALAMOGORDO, NM

Data Provided by:
H&R Block
(575) 524-0370
1300 EL PASEO STE K
LAS CRUCES, NM

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Tax Deduction Consulting: Business Meals

Business Meal Deductions

There are few deductions that are as open to questions as business meal deductions. The issue revolves around just exactly what makes a meal a business expense and not merely the necessary act of eating.

The key question involved in understanding business meal deductions is what makes the meal a business transaction and not simply the necessary act of eating. The issue is a little more clear cut when a person is traveling on a business related activity. The idea of traveling away from the employee's home means that he is not able to take his meals in the normal fashion that he would if he were not traveling. Therefore, he is forced to spend money that he would, most likely, not have spent otherwise. Travel expenses include business meal deductions and they can be actual expense or they may use published per diem schedules.

The per diem schedules that govern the amount of allowable meal deductions take into consideration the cost of living variations in different sections of the country. There is a higher per diem allowance when you travel on business to an area with higher expenses. The advantage of using the per diem amount is that you do not have to keep any records or worry about saving receipts. In many cases, travel expenses and meal expenses are reimbursed by the employer. Of course, you can only claim non-reimbursed expenses as a deduction.

When you are not traveling, the criteria for business meal deductions is a little less clear. The general rule is that a meal becomes a business meal when it is shared with a client or business associate and the purpose of the meal is to foster a business relationship of some type. It is not going to work to consider a meal a business meal just because you are reading a report while waiting to be served. The presence of that business associate is going to be necessary in most cases to establish the business purpose.

Interestingly enough, it is not really necessary that business actual...

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