Are Groceries Deductible?
Sep 06, 2023Ever pondered if those trips to the supermarket could be a business expense? Being an entrepreneur, I recognize the importance of good nutrition for peak performance.
Shouldn't that make my grocery runs deductible?
I'll delve into this query and explore some scenarios where your groceries might just be deductible.
The key takeaways from this episode are:
1. Discover if groceries can qualify as business expenses for entrepreneurs, considering the impact of nutrition on performance.
2. Explore the criteria for deducting groceries, including instances where they might be tax-deductible.
3. Learn about potential scenarios, from groceries bought for others to medical expense classification, where grocery deductions might apply in your tax return.
What you’ll hear in this episode:
[1:28] Exploring the criteria for deductible items
[2:12] Delving into instances when groceries could be tax-deductible
[4:30] Deductibility of groceries bought for others
[5:21] Other sections in your tax return where grocery deductions might apply [6:47] Could groceries be classified as a medical expense?
Related Episodes:
Should You Pay Quarterly Tax Estimates?
Positioning Yourself Well for a Tax Strategist with Grant Dougherty
How Do I Know if I Need to Collect and Pay Sales Tax?
Resources:
Tactical Resources:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources & Connect with Shannon:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me! https://my.community.com/shannonweinsteincpa
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
