Can I Deduct My Groceries?
Apr 28, 2023Have you ever wondered if you can expense your groceries? As an entrepreneur myself, I know that I need to be well-fueled to perform at my best, so shouldn't that make my groceries deductible?
I will answer this question and discuss a few other circumstances in which you may be able to deduct your groceries.
They key takeaways from this episode are:
1. Groceries may be deductible in certain circumstances based on IRS rules.
2. Groceries purchased for others to consume or for business purposes can potentially be deducted.
3. In very specific and rare circumstances, groceries may qualify as a medical expense if they are prescribed by a doctor for a specific health condition.
What you'll hear in this episode:
[1:28] Reviewing the definition of what makes something deductible
[2:12] Discussing a few examples where groceries may actually be deductible.
[4:30] Are groceries that I purchase for others to consume, deductible?
[5:21] What are the other areas of your tax return where groceries could be deducted?
[6:47] Can groceries qualify as a medical expense?
Related episodes:
What is Considered Tax Deductible?
How to Take the Home Office Deduction
Are They Your Employee or a Contractor?
Resources:
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
