One of the things I was excited about when I started my own business was the ability to claim business expenses. In particular, I thought it was going to be great that I could now write off lunch, dinner, coffee, or whatever else.
What I didn’t know at the start is that you can’t just write off whatever you want. Before you get out of hand with restaurant expenses, there are a few things to keep in mind. Here’s a quick list for you.
1. Business must be a part of it
For any entertainment costs to be written off, you need to be actively conducting business before, during, or afterwards. If you’re not talking about numbers, opportunities, or strategies – it probably doesn’t count as a business expense.