Episode 59
Not All Deductions Are Equal [E059]
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
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Transcript
**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 [: