If you use the standard meal allowance rate, you can’t deduct the actual cost of the food. So, if one lunch at MacDonalds costs $4.00, you could only deduct the standard meal allowance rate of $2.48 (2016 rate). If you… Read More ›
Ask Tom > Food Program and Food Expenses
Yes, you can deduct 50% of the cost of the food for a business meal. You should keep the receipt, write down the name of the person you had the meal with and write down what you talked about. The… Read More ›
Nope. Food served to your own children is never deductible as a business expense, whether or not you are on the Food Program. If you are on the Food Program and are receiving reimbursements for your own children, these amounts… Read More ›
No. To claim a meal or snack as a tax deduction, you have to provide at least one of the components. So, if a child is only eating formula brought by the parent you can’t count it.
I don’t see the benefit of joining the Food Program because if I do I’ll lose the ability to deduct my food expenses. True?
No! You are entitled to deduct the same amount in food expenses whether you are on the Food Program or not. Reimbursements from the Food Program are taxable income (Exception: reimbursements for your own children are not taxable income). But,… Read More ›