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Business Meal Guides

Can I deduct my coffee?  What about my lunch?  And is it fully deductible?  Food expenses can be an easy way to boost your tax deductible expenses, but there is often a lot of confusion around what counts, what doesn’t, and how much is actually deductible.  So much so that entrepreneurs may just avoid tracking food expenses all together.  

That is why I created this helpful guide that clearly spells out what does and does not qualify as a business expense.  Just remember to keep the receipt of any business meals you plan to use as deductible expense.  Make a note on the receipt what the qualifying purpose of the meal is ( ex: networking meal) and who attended (ex: myself & Sarah).  Simple as that to make your meal deduction audit proof.

Home Office Expense Tracker (Google Sheet)

Home Office Expenses aren’t typically tracked in business software or spreadsheets because they are a mix of business and personal use, rather than 100% business.  Your home internet or phone, for example, might be used 50% for business and 50% for family, so it’s better to have that expense run through personal rather than business accounts.  However, that 50% portion that is used for business is most definitely a business deduction and should be included in business expense totals on tax forms.  Being in personal accounts means they can easily fall through the cracks if a business owner isn’t aware they qualify as deductions, even if you outsource your business bookkeeping or tax filing.  

This helpful spreadsheet is the perfect way to track these types of mixed personal/business expenses.    

To use, simply record the monthly or one time expense total amounts, then enter the portion (%) that is used for business at the top.  The spreadsheet will automatically calculate $ amount that is deductible as a business expense!  How easy is that?!

Easy Tax Hacks 

The fastest way to more profit is paying less taxes. 9 easy ways to cut your tax bill and boost cashflow, that every coach should be using.

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