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
Visit us Online : www.paarmelis.com
Email Hunt: podcast@paarmelis.com
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Transcript
**Classification of expenses [00:00:59]**
**Exceptions to the rule [00:01:45]**
**Meals and entertainment expenses [00:02:29]**
**Changes in the tax law regarding entertainment expenses [00:04:12]**
**Renaming the category of meals and entertainment expense [00:05:46]**
**Reclassifying entertainment expenses as advertising expenses [00:07:26]**
**Classification of Expenses [00:08:16]**
**Meals [00:09:02]**
**50% Deductible Meals [00:09:48]**
**Business Meals [00:10:37]**
**Importance of Shop Management System [00:11:41]**
**Meals and Entertainment Expenses [00:13:23]**
**100% Deductible Meals [00:14:14]**
**Classifying Expenses [00:14:59]**
**Onsite Meals [00:15:55]**
**Classification of Expenses [00:16:44]**
**Employee Parties and Open Houses [00:18:20]**
**80% Meals [00:19:41]**
**Meals and Entertainment [00:20:30]**
**Charitable Contributions [00:21:18]**
**Itemizing and Standard Deduction [00:22:14]**
**Charitable Contributions vs Advertising [00:23:52]**
**Charitable Contributions [00:24:43]**
**Donating Equipment to Charity [00:25:29]**
**Writing Off Work Done for Charities [00:27:52]**
**Charitable Expenses [00:28:37]**
**Exceptions to Charitable Deductions [00:29:24]**
**Insurance Deductions [00:30:09]**
**Importance of Disability Insurance [00:31:00]**
**Deductibility of Disability Insurance and Life Insurance Premiums [00:33:07]**
**Risks of Deducting Life Insurance Premiums [00:34:45]**
**Insurance and Deductions [00:36:24]**
**Fines and Penalties [00:37:08]**
**Be Careful with Categorization [00:38:02]**
**Exceptions to the Rule [00:38:54]**
**Classification of Expenses [00:40:19]**
**Tax Code Complexity [00:41:08]**
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