Are meals deductible? - Trading-Lab

StockOperator · #1 07-25-2007, 01:54 PM

Hello,

this maybe a little off topic here…but did anyone ever manage to deduct meals as a business expense while filing as a trader?

Alchemist · #2 07-27-2007, 03:58 PM

hmmm…if you are a K-1 trader, it might be easier to "disguise" SOME meals as deductible meals, as you can arrange to have your prop firm bill you for the meals and have them deduct it as an expense from your capital account. I've NEVER done this though. if you are a Schedule C trader, then I don't really know...I will let other more knowledgeable traders on the board respond to this....

ProTrader · #3 08-09-2007, 02:59 PM

I would suggest you look for professional advice before making any tax related decisions. This guy is well know among the traders population. http://www.greencompany.com/

kika · #4 08-13-2007, 08:58 PM

thanks for the advice and the link, protrader. Yes, I've heard about greencompany on another forums site, but never bothered researching them in details. I understand the importance of hiring a pro when taking care of your taxes. You definitely don't want the tax man knocking on your door one day! thanks

ProTrader · #5 10-02-2007, 06:55 PM

GreenCompany is a well known and respected professional in the field. I've been using them to prepare my taxes for several years now. They are your best bet IMHO

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

#1 07-25-2007, 01:54 PM
StockOperator Member Join Date: Jun 2007 Posts: 32	Are meals deductible? Hello, this maybe a little off topic here…but did anyone ever manage to deduct meals as a business expense while filing as a trader?

#2 07-27-2007, 03:58 PM
Alchemist founder of Trading-Lab Join Date: May 2007 Location: New York, NY Posts: 296	hmmm…if you are a K-1 trader, it might be easier to "disguise" SOME meals as deductible meals, as you can arrange to have your prop firm bill you for the meals and have them deduct it as an expense from your capital account. I've NEVER done this though. if you are a Schedule C trader, then I don't really know...I will let other more knowledgeable traders on the board respond to this.... __________________ Happy Trading!

#3 08-09-2007, 02:59 PM
ProTrader Senior Member Join Date: Jun 2007 Posts: 109	I would suggest you look for professional advice before making any tax related decisions. This guy is well know among the traders population. http://www.greencompany.com/

#4 08-13-2007, 08:58 PM
kika Member Join Date: Jun 2007 Posts: 38	thanks for the advice and the link, protrader. Yes, I've heard about greencompany on another forums site, but never bothered researching them in details. I understand the importance of hiring a pro when taking care of your taxes. You definitely don't want the tax man knocking on your door one day! thanks

#5 10-02-2007, 06:55 PM
ProTrader Senior Member Join Date: Jun 2007 Posts: 109	GreenCompany is a well known and respected professional in the field. I've been using them to prepare my taxes for several years now. They are your best bet IMHO