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Ahoy, divers, dreamers, and doers! Are you tired of feeling like you're underwater even when you're not in your scuba gear? Let's dive into the deep end of deductions, shall we? 🏊♂️
Sorry to burst your bubble, but those tickets to the big game or the golfing getaway are no longer deductible. But don't let that sink your spirits! There's still plenty of treasure to be found in the realm of meal deductions. 🍽️
Personal meals are only deductible when you're more than 60 miles away from your home base, but business meetings with clients, vendors, or colleagues are a different story. In 2021 and 2022, these were 100% deductible, a veritable feast of savings! But hold onto your snorkels, because in 2023, it's back to 50%, irrespective of the restaurant. 🌮
Documentation is crucial for meal deductions. Receipts should show where you ate, the cost, the date, who you were with, and the business purpose. It's the equivalent of a treasure map for your tax return. 🧾
Running a family-owned dive shop? Meals can be deducted if business matters were discussed and properly documented. If both spouses hold positions in the company, their meals can be deductible based on the business conversation. It's like finding a pearl in an oyster! 👫
Finally, food brought into the office for employees is now 50% deductible. That's right, your team's mid-dive snacks can help keep your business buoyant! Just remember to keep track of all meal expenses and categorize them correctly. 🍎
Remember, just because you want to be underwater doesn’t mean you have to be underwater in your business. With water-tight books, buoyant tax savings, and weighty growth strategy, you'll be well on your way to a good life and a good living.
Stay tuned for more soluble strategies and backrolled bankrolls from your business buoyancy expert, Dive Buddy Accounting. Because when it comes to living a life wild and free, on your own terms, with an enterprise that supports you, we all need a dive buddy. 🌊
