club_cafe: FW: club_cafe: Meal expenses

iras1 on

Sorry, but you're wrong. You do not conduct "business" as that is defined in the tax code. Your lunch expenses are nondeductible. In fact, if you were a business and meeting like this, your meal expenses would still be nondeductible. Secondly, unless the location where you are having your meeting actually charges you for the use of their space separately from the food charge, you don't have a rental deduction.

Ira Smilovitz

In a message dated 03/10/08 11:04:33 P.M. Eastern Daylight Time, aklages@triad.rr.com writes:

Ira.....

Our Operating Agreement (By Laws for an LLC) states "Regular meetings shall
be held at noon at the first Tuesday of each month. Lunch shall precede the
business meeting and shall be paid for by the Treasurer from Company Funds.
Special meetings may be called by the President, the wives of Members and
special guests may be invited to the meetings."

Since we buy and sell stocks at these meetings I believe that we do
conduct business as it definintely related to producing taxable income.at
these meetings Therefore, the expense is 50% deductible.

Actually, I enter the bill as 50% meeting space rental and 50% as
non-deductable food and drink.

Shouldn't this pass muster?

Arthur Klages

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of
IraS1@aol.com
Sent: Monday, March 10, 2008 2:55 PM
To: club_cafe@bivio.com
Subject: Re: club_cafe: Meal expenses

I'm not sure why I would have referenced those pages with regard to
(dis-)allowed expenses. Instead look at pages 35-37. The only deductible
expenses are those that are directly related to the production of taxable
income. Eating a meal isn't one of them. That's a personal living expense.

Ira Smilovitz

In a message dated 03/10/08 2:43:02 P.M. Eastern Daylight Time,
acklages@bivio.com writes:

Several weeks ago you advised that meal expenses were not deductible
and quoted IRS Pub 550, pages 26 & 27.

I looked this over and couldn't find any reference to expensing.

Could you please help me out on this?

________________________________

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Arthur Klages on

Ira..

Thanks

Arthur Klages

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of
IraS1@aol.com
Sent: Tuesday, March 11, 2008 7:16 AM
To: club_cafe@bivio.com
Subject: Re: club_cafe: FW: club_cafe: Meal expenses

Sorry, but you're wrong. You do not conduct "business" as that is defined in
the tax code. Your lunch expenses are nondeductible. In fact, if you were a
business and meeting like this, your meal expenses would still be
nondeductible. Secondly, unless the location where you are having your
meeting actually charges you for the use of their space separately from the
food charge, you don't have a rental deduction.

Ira Smilovitz

In a message dated 03/10/08 11:04:33 P.M. Eastern Daylight Time,
aklages@triad.rr.com writes:

        Ira.....

        Our Operating Agreement (By Laws for an LLC) states "Regular
meetings shall
        be held at noon at the first Tuesday of each month. Lunch shall
precede the
        business meeting and shall be paid for by the Treasurer from Company
Funds.
        Special meetings may be called by the President, the wives of
Members and
        special guests may be invited to the meetings."

        Since we buy and sell stocks at these meetings I believe that we
do
        conduct business as it definintely related to producing taxable
income.at
        these meetings Therefore, the expense is 50% deductible.

        Actually, I enter the bill as 50% meeting space rental and 50% as
        non-deductable food and drink.

        Shouldn't this pass muster?

        Arthur Klages



        -----Original Message-----
        From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of
        IraS1@aol.com
        Sent: Monday, March 10, 2008 2:55 PM
        To: club_cafe@bivio.com
        Subject: Re: club_cafe: Meal expenses

        I'm not sure why I would have referenced those pages with regard to
        (dis-)allowed expenses. Instead look at pages 35-37. The only
deductible
        expenses are those that are directly related to the production of
taxable
        income. Eating a meal isn't one of them. That's a personal living
expense.

        Ira Smilovitz

        In a message dated 03/10/08 2:43:02 P.M. Eastern Daylight Time,
        acklages@bivio.com writes:

            Several weeks ago you advised that meal expenses were not
deductible
        and quoted IRS Pub 550, pages 26 & 27.

            I looked this over and couldn't find any reference to expensing.


            Could you please help me out on this?





        ________________________________

        It's Tax Time! Get tips, forms and advice on AOL Money & Finance.
        <http://money.aol.com/tax?NCID=aolprf00030000000001>



________________________________

It's Tax Time! Get tips, forms and advice on AOL Money & Finance.
<http://money.aol.com/tax?NCID=aolprf00030000000001>

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