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Mastering Business Meal Deductions: A Guide for Painters

March 08, 20241 min read

March 8, 2024

Season 1, Episode 40

Description:

Ever wondered how to navigate the realm of business meal deductions without landing in hot water? We've got some tips for you! Join us, Daniel, founder of Bookkeeping for Painters, and Richard, our tax guru, as we unpack the mystery around meals, entertainment, and those all-important IRS tax codes. We'll be breaking down the sometimes confusing rules and exceptions to help you discern what counts as a business meal and how best to structure your own business meals for maximum tax benefits.

Our candid chat doesn't just stop at theoretical discussions. We also dive right into listener queries, dispelling misconceptions and offering practical advice on remaining within ordinary and necessary parameters. And if you're hungry for more, we recommend the Facebook group, Grow Your Painting Business, for valuable insights and shared experiences. Plus, we'll touch upon the importance of maintaining records for your business meal deductions. All this, with a handy graphic to simplify these concepts! So tune in and get ready to tackle those meal deductions like a pro. Oh, and don't forget to check back next week for another episode!

Subscribe to the Profitable Painter Podcast

bookkeeping for painters Painting Business OwnersProfitable Painter Podcast#BusinessDeductions
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Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

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blog image

Mastering Business Meal Deductions: A Guide for Painters

March 08, 20241 min read

March 8, 2024

Season 1, Episode 40

Description:

Ever wondered how to navigate the realm of business meal deductions without landing in hot water? We've got some tips for you! Join us, Daniel, founder of Bookkeeping for Painters, and Richard, our tax guru, as we unpack the mystery around meals, entertainment, and those all-important IRS tax codes. We'll be breaking down the sometimes confusing rules and exceptions to help you discern what counts as a business meal and how best to structure your own business meals for maximum tax benefits.

Our candid chat doesn't just stop at theoretical discussions. We also dive right into listener queries, dispelling misconceptions and offering practical advice on remaining within ordinary and necessary parameters. And if you're hungry for more, we recommend the Facebook group, Grow Your Painting Business, for valuable insights and shared experiences. Plus, we'll touch upon the importance of maintaining records for your business meal deductions. All this, with a handy graphic to simplify these concepts! So tune in and get ready to tackle those meal deductions like a pro. Oh, and don't forget to check back next week for another episode!

Subscribe to the Profitable Painter Podcast

bookkeeping for painters Painting Business OwnersProfitable Painter Podcast#BusinessDeductions
blog author image

Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

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