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Old 03-11-2001, 01:29 AM
HOMER HOMER is offline
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Location: Alabama the Beautiful
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I was in my convenience store, the one I use just about every day, buying supper! When I checked out the girl asked me if I needed my receipt, I said no. She told me that everybody else gets their receipt for food why didn.t we?

Question: How many of you use food receipts for tax purposes. I only use food if it is a legitimate reason or if we are traveling out of town to do work. What is the rule on lunches. If I can use them I have missed out on a whole lot of money this past year!

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Old 03-11-2001, 01:45 AM
Skookum Skookum is offline
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I know Semi truck drivers take off meals at about $35 - $100 PER day according to a driver I know that just had his taxes done by an accountant that does alot of drivers. He claimed his accountant said no receipt required!

If you pay a sales tax on dine out food like we do here, you could be using that amount of sales tax on your returns if you have enough to itemize and do not take the standard deductions.

My wife and I BUY TOO MUCH stuff and eat out way TOO MUCH, so we are trying it this year. We save ALL receipts for the sales tax. I have not finished this last years yet, and we started mid year last year doing this, so I am not sure for last years. But, as much as we buy, I think we will have more in sales tax along with the other itemized things to come out way over the standard deductions.

I know years ago, I read that meals are a real hard thing for the IRS to disprove, that is why they only allow a percentage of the total. I recall the theroy was, if you discussed business at any point during the meal, then it was a valid expense. My wife and I use to joke years ago when eating out, she would say "So how's the business doing" while handing me the receipt as we left the resturaunt.
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Old 03-11-2001, 01:47 AM
joshua joshua is offline
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homer i keep my recieps for lunches as a deductable for taxes but couldn't use them because of my new equipment purches. keep them and give them to your tax man/lady and they will find a way to use it as a loss.
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Old 03-11-2001, 01:48 AM
HOMER HOMER is offline
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so its the sales tax and not the amount of the meal?
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Old 03-11-2001, 01:49 AM
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Fantasy Lawns Fantasy Lawns is offline
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I use my Company Card on ALL purchases ...business related of course ...;->
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Old 03-11-2001, 01:50 AM
Skookum Skookum is offline
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Homer,

It can be both, sales tax and total!
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Old 03-11-2001, 01:58 AM
HOMER HOMER is offline
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Boy have I been missin the boat!
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Old 03-11-2001, 09:41 AM
Island Lawn Island Lawn is offline
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HOMER, Is your moo-moo getting shorter?
I think you are showing more ankle lately!(LOL)

I use bus check for all bus exp. Where they wont take checks, I use my bus chkng deit card
Weird how plastic is honored more than paper from the same acct!
I use that plastic to pay at the pump! I pack my own lunch and dont go into the...
Temptation Island of Convience!
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Old 03-11-2001, 10:00 AM
SLSNursery SLSNursery is offline
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Receipts

We expense any food bought for the crews. This includes when/if I buy coffees, lunches, etc. We also have a kitchen at the shop, so all the food there is expensed too. My understanding from our accountant is that for our company set up (LLC) which is like a partnership, the food for workers is a 100% expense. Food for partners/owners is 50% deductible. We keep all receipts, especially for cash disbursements. This way its provable, and also, when entered into Quickbooks for instance you can see exactly how much was spent.


When we were building our shop, with no facility and only had a refrigerator and shelf in an office trailer for food, we kept track of all the coffee stops. At that time, my wife would often make us picnic lunches, and bring them in at lunch time. Nonetheless, we spent thousands at Dunkin Donuts, and you wouldn't believe it except when it all got tallied up at the end of the year. When the building was finished, I plumbed in a commercial coffee maker into the kitchen, and one into the shop. This cut the D&D budget way down. Now I don't really buy coffee to go at all anymore. But everytime the company buys lunch, I add the receipt.
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Old 03-11-2001, 10:54 AM
Majestic Majestic is offline
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I know the lunch has to be business related such as meeting with customer or employees,I also thought it was only 50% deductible.My accountant warns too many lunches could red flag your tax form.We do one lunch meeting a week.
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