On this special gameshow edition of Cheers To Business, Karen quizzes Chris and Laney Andrews, owners of Bienville Bites Food Tours, on a game called Deduction or No Deduction. Karen throws out a common business tax deduction and Chris and Laney yay or nay that you can deduct that cost on their 2019 business taxes. Pop a top or pop a cork and learn while having fun on this special episode.
{Editor’s Note: This episode was recorded right before COVID-19 became the only issue in our lives. When the COVID-19 virus hit, we decided to make some new shows focused more on the information that would be important to business owners to help with the shutdown, PPP, and other daily crisis issues. Due to the COVID-19 shutdown and mass disruption in the restaurant industry, they had to pivot their tours with Bites In A Bag. Now that the shutdown as been lifted, Chris and Laney are planning to restart their food tours, and they are taking time right now to work with the local restaurants as they are reopening and recovering.}
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Key Takeaways:
> Not all business costs are a legitimate deductions.
> When in doubt, ask your CPA or bookkeeper any questions on legitimate business deductions.
> Keep all your receipts, use handy phone apps and technology to record all your expenses.
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Karen C. Simmons, P.C.
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