Deducting Meal Expenses #shorts

About Karlton Dennis

Karlton Dennis is the Founder and CEO of Tax Alchemy, a firm specializing in sophisticated tax planning. Tax Alchemy is one of the fastest-growing tax firms in the U.S. Karlton and the Tax Alchemy Advisors have created powerful tax plans for thousands of clients in the United States. Many of Karlton’s clients have achieved life-changing tax savings through the strategies that he and his firm design and help implement. In fact, Karlton routinely helps his clients save 6 or 7 figures in taxes.

In addition to leading Tax Alchemy, Karlton is also the creator of the Karlton Dennis YouTube channel. This channel is one of the most successful and popular channels in the tax niche. Karlton uses his YouTube channel as a vehicle to share his wealth of tax knowledge with millions of people.

Licensed EA (Highest Tax Credential Awarded by the IRS)
Forbes Business Development Council Member
Bigger Pockets Partnered Tax Advisor
Author of The Short-Term Rental Rule: How to Reduce Taxes Like the 1 Percent
Founder and CEO of Tax Alchemy

#KarltonDennis

[tto]

I'm no tax expert, but COMPILENTARY meals and drinks are not expenses because you didn't pay for them.

[jimmiejackson]

Omg so easily overlooked but soooo important the devils in the details
Thank you

[mralexxx]

I absolutely love and appreciate the share information!

[XanGrant]

But the golf event would be covered. But not the free food included.

[WeDoMotivation]

But you said it was a complementary meal, that is, no charge.

[TylerCWells]

I mean… complimentary would negate the tax benefit portion as well 😅

[BillyBobThornton]

Well yeahhh this makes sense. The meal was complimentary....

[Phoenix_Atlas]

How does this not already make sense to people? You can't deduct a free meal from your taxes☝️

[RealJayPace]

Well complimentary basically means free, so 0 = 0 nothing to write off

[ChristianStensvad]

Just something to note. The 401 k loan you pay back the interest to yourself.

[aarondesantiago]

So if I’m at work Construction. With a W9 Form I can write off my lunch meals?

[Robinette_Clark]

What about food for business meeting? Thank you?

[GittinNGiven]

Whom ever brought this up as a great idea at the IRS board room meeting is trying too hard to get a raise from people who don't care about you.

[fineth]

Why you need to know this? Because theyll getcha. In every way possible.

[ernierosales]

What if I have season tickets to Dodger Stadium, and I give 10 of my tix to my best clients. Can I write off the individual ticket values?

[ernierosales]

“Invoice” for the meals is just a receipt, correct? If you take a client to dinner, the restaurant will give a receipt, not an “invoice”. Can you then, at the golf tournament, write off the meals (if paid in addition to the ticket price, not included in the ticket price)?

[vinceh]

Complimentary - given or supplied free of charge. Please clarify…

[LUISGOMEZ-bjuc]

Why don't you tell them they not obligated to pay any taxes it all, when you're not helping by definition you are part of the problem.

[englishjona]

That all seems pretty fair the other way sounds like stealing, Which it seems like people have been doing for years and getting away with it unbelievable

[zhuljinjager]

As a business owner, its crazy that large companies are allowed to write off "entertainment" regardless. Such things are why capitalism is dying and everyone applies socialist or nepotistic sins on the idea of capitalism rather than corporatism.