Business Plan On Restaurants
If I review restaurants for a website (and make money), can I deduct the cost of the meals on my taxes?
I am planning on starting a website that assists people visiting Philadelphia in finding quality cheesesteaks. I plan to offer info on location, price, quality, hours of operation, “how to order,” etc… I often get lots of questions when I travel about steaks and where to go when in Philly. Well, I’d like to formalize my recommendations and offer a website with all the info in one place. I hope to generate income with ads and (some) merchandise, but I’m wondering to what extent I can deduct the price of meals (that I obviously must eat in order to review the steaks.
I am a freelance artist and currently handle my small business finances, but I’m currently drawing a business plan for my cheesesteak-internet-hub and I’m trying to project some costs/benefits. Thanks! – Leo
Yes. I’m not a CPA, but I’ve been self employed for seven years, and one of the lines on the Schedule C is for deductions of meals and travel, mileage and entertainment, etc… If I were you, I would just keep my receipts, and put down the numbers spent on the form, and you have your proof when you need it with your envelope of neatly stacked receipts, the stubs from restaurants, and don’t forget to keep a record in a mileage book. Good deduction! There is a book called Schedule C from A to Z, written by Bob Hughes, CPA. Very good information for the self employed! Also go to nase.org, which is the National Association for the Self Employed. This is definitely a good resource for you! Good luck with your business!
National: An Unlikely Business Plan – nytimes.com/video
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