🎉 GIVEAWAY TO CELEBRATE 300K! Want to win direct access to me? Here's how to enter: How to Enter the Giveaway: - Subscribe to my RUclips channel - Like this video “Can You REALLY Deduct Daily Meals” - Comment on this video what you enjoyed most about it with your IG @ username (so I can reach out to directly you if you win) Reply to this comment "done" so I know you've entered That’s it! I’ll reach out to the winner via IG in 48 hours. 🎉
WOW! I am a Los Angeles Firefighter and have been for 15 years and was told by my tax guy that I CAN NOT write off my meals at work even though we have it written in our rules that we "shall participate in organized mess, unless we have a note from our doctor that is approved by the Division Chief" I can't believe you are talking about my job, love you and thank you for everything!
Are you given per diem for the meals? All of the government jobs I had which required a daily meal either had to provide the meal or pay per diem--even if it didn't cover the full cost. I think the per diem usually covered at least 75% of it.
@@ThatonedudeCR12956 no. It’s a common misconception that firefighters get meals paid for. We pay for our food, forks, plates, chairs, internet, television, refrigerator, ice machine, gym etc
This is a great video, but this area is very specific, you also want to look at Karl CHristey vs US 8th circuit, but way more important is that Firefighters are employees and your ability to deduct expenses is the 'real' issue so see 146 T.C. No. 3 UNITED STATES TAX COURT MICHAEL JONES AND M. CHASTAIN JONES, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 27187-12. Filed February 9, 2016.
A lot of them are lying in the videos. They don't actually do this stuff. They just convince other people that's what they do so they can get the views
Absolutely love this longer format with actual case law - extremely interesting, may not be as popular as your shorts, but I think this style of content is much more interesting and engaging!
That's my favorite aspect of her content. She's like the Oprah of telling people they are wrong. And you get to be wrong! And you! And you! Everybody getting educated.
@@offdabeatenpathplease don’t call her the Oprah of anything, She earned her place and worked her ass off to gain all this knowledge and she’s an actual Tax Attorney she doesn’t just play one on tv
I love your passion about learning and educating people about tax law properly. Keep it up. More people need to know how to tell apart those who are giving well reasearched advice vs click bate advice.
@@taxleverage Quick question; Has this Carlton ever responded to any of your responses videos??? I would LOOOVE to see it. If so, would you PRETTY PLEASE send me in that direction. I'm dying to see his response in getting schooled not only by a Woman but by a SMART woman, who is confident not only because she's successful but because she knows what she's talking about.. He's one of many extremely arrogant male influencers who flaunt there "Wealth" and talk about how much money they make. But aren't very knowledgeable and most likely are NOT truly wealthy😂
@@ITSmyOPINIONN He probably knows better than to pick a tax fight with her. It seems like his brand is all about sounding clever when telling people what they want to hear. He's the type that would ignore her at all costs and just stay in his own little bubble to get the clicks
@@tate6809 Your probably right, but IF you catch wind of a response video PLEASE don't forget to send me the link... That will be the most entertaining video this year 😜🙋🏾♀️✌🏾
@taxleverage wonderful content. Thank you. Can you discuss strategies to deduct home office and any tax liabilities or filing requirements for 2 year new LLC with no profits, yet.
Favorite part: Jasmine mentions the exact tax code in question and also court cases that are relevant. I've noticed she does this in most of her videos. Really shows that she knows her stuff!
1. I'm so happy to see you doing more long term videos again. 2. This video needs to be plastered in all the comment sections of all those BS tax "strategist" out there. Very well done.
Thank you Jasmine. This was very helpful to me. I’m an LLC - Schedule C. I’d love to see more videos like this for travel, mileage, supplies, subscriptions, professional fees, etc. Also, the home office expense deduction including whether or not depreciation plays a role.
I love this style of video. Citing the specific verbiage of the cases really highlights the specifics that get lost in the sauce. Thanks for making this so understandable
I just learned about this channel while scrolling on Reels/Tiktok/Shorts, and this is the first long-form video of yours I've watched. I LOVE IT! Perhaps this is just the nerdy side of me who loves numbers, taxes, and laws, but this was incredibly interesting and entertaining to me. I'd love more content like this.
I know that this is a 2 week old video, but I'm brand new to your channel and, as a cpa and ea, this is my new favorite thing on the Internet. You make our profession seem... dare I say... cool?
Love the in-depth analysis and cross checking with court cases. Really helps to understand what’s what and how to handle and also have the client’s best interest when accounting for their everyday expenses.
I love the fact that Jasmine always does her research before making these videos. She is very knowledgeable and speaks the facts instead of pushing some fake narrative to get views. I also love that she's not afraid to put others videos up and tell them how they are incorrect. Thanks for sharing your knowledge and advice Jasmine. Keep up the good work.
Love this girl. She's smart, beautiful, well-spoken, chill and good with money. Thanks for taking the time to help educate the public on tax issues. I understand your time is valuable.
I’ve watched your shorts for a while and this is my first full length video I’ve watched. It’s cool to see someone this excited about something as boring as tax law
I love all my MLM friends who are going out to restaurants with friends and paying for everyone's meals saying they can write it off because "they talked about their business"
@@RustyyShackleford because other MLM sales gurus preyed on them with the promise of making LOTS of money, and they fell for it. Granted, they aren't doing those anymore... Thank God!
Love your passion on tax topics. Having been on both sides (prep and enforcement), your videos are spot on! Now for the meat and potatoes (see what I did there 🙂), so we have established that daily meals are NOT deductible and rightfully so. For those that disagree or want to play the game (i.e. the wanna be tax pros on RUclips), I want to know why you think deducting daily meals would be ok. Again W-2 employees who talk business during lunch are not permitted to deduct their daily meals. I know there is a difference between a W-2 employee and self-employed / businesses BUT a daily meal is a daily meal! Keep up the good work Jasmine on bringing to light the shenanigans that too many do and promote!
The following is intended to be a sincere response to your question (assuming it wasn't rhetorical). Please note that this is not a claim that daily meals ARE deductible, but that they SHOULD be deductible IMO. I disagree with daily meals not being a tax deductible expense because living is a necessity, not a privilege or luxury. You can't drive a gas powered car without gas. A body and brain do not function without calories. To me, a daily meal is a necessity because without them you don't have a living being. A business might have open and closed hours at location, but you don't deduct only the portion of their rent or property mortgage expenses which represent the ratio of daily hours that that property is actively used in business practices. If a business buys a property to use as an office or store or whatever else, that entire purchase is a expense. So in that vein, it takes food, water, sleep, and many other factors to keep a human alive. And even though that human might only use say, 8 hours a day working a job, they still need the sleep and food and water and whatever else is necessary for them to be able to work that job. Because otherwise they're dead, can't work, and cannot perform actions which result in taxable revenue. And while yes, that food, water, sleep, etc. also benefit that human for more than their work, a business's holdings ALSO provide benefit for more than the intended business use of such. Holdings can be leveraged for loans, and holdings also contribute to the appearance of a healthy company, which encourages trust in the longevity of that business. So that's why I think that a daily meal should be a tax deductible expense, because without it the human dies and you have nothing to tax, and because things that are necessary to a person's survival are necessary to anything the requires that survival, including work and other actions that generate income. To me, living is a necessity, not a privilege or luxury.
@epictoasty2211 Here is my response. Everything you said is true, so let's allow ALL Americans to deduct food i.e. daily meals on their 1040s. The issue is the abuse that self-employed folks, and businesses try to do when it comes to deducting everything, including the kitchen sink. IT'S WRONG IN MY OPINION! Either let ALL Americans to deduct daily meals because we are human and need those calories to work or no one.
@@GAFB1122 I would absolutely agree with allowing all Americans to deduct food on their 1040's. It just seems incredibly obvious to me that that ought to be the case and I don't understand why it isn't. As for self employed person myself, I hope to avoid abusing tax deductions. Most of my deductible expenses are pretty cut and dry due to the nature of my business, though. For example, I've had to acquire commercial, royalty free licenses to sound samples and virtual software instruments in order to compose, mix, and master background music for video ads I create. As I am not a player of every orchestral instrument in existence, I have to rely on audio libraries created by people who do play those instruments to compose background music, ad jingles, etc. And it is absolutely, unquestionably necessary to purchase the commercial, royalty free rights to use those libraries. Copyright law, like tax law, is not something to mess around with. Have a good one :)
taxes are so complicated in the US and I love these videos of someone actually citing sources and being qualified to actually speak on these things I spoke to an accountant recently and her breaking things down made me feel so much better
I really like the use of actual tax law in reference to cases as evidence and justification! I would love to take a class from you and feel more confident and educated on what steps I can take to ensure my protection!
Hi Jasmine, I love your content and advice. I’m currently on my way to become a CPA, I’m taking the first exam on October. Thanks to you, I’ve become very interested in becoming a Tax Attorney as well!
Knowing why meals are non-deductable is one thing. The more important value is how to structure meals to maximize what can be deducted. So it seems, writing into the corporate by-laws a mandatory meal contribution similar to the firefighter rule, could be exploited.
Love the debunking of daily meals, and it makes total sense. With that said, can you elaborate more on the NON-daily? For example, it sounds reasonable to expense meals during traveling which I don't think most would argue against. What about something occasional? Like a monthly meeting over dinner?
Monthly meeting fits into what she said about the monthly Private at-home business dinners in that second court case she presented. I think it’d be even more appropriate if you had a small company that is almost entirely or actually entirely remote and they all get-together once a month for a big get-together dinner. I think that would entirely qualify as a business expense. Now this would probably mean it’s not a single income 1099 and probably some kind of Corp or small business tax structure, but it would almost certainly qualify as an expense that you can write-off for the business.
@@TheGeorgeD13 That makes sense to me, just like car expenses. IRS doesn't let you deduct commute expenses but if your regular place of business is your home office and you visit your clients then you can deduct those mileages because you don't regularly work out of there.
If the meals are contractually obligated, they are deductible. If the meals are a business expense, the BUSINESS can deduct it as business expense. The only time it can't be deducted is on personal taxes. But even then, if you can find a way to make it contractual, (like feeding a live-in nanny), then that is also deductible.
Education is key, I love your videos and how it’s actually helpful and not just ridiculous videos claiming wrong information is right. You have saved so many people from so many terrible decisions that would have cost them and their families a lot of time and money.
It’s been really interesting to learn how actual cases are used in tax law. It’s funny because no one would give out legal advice on the basis that they’ve read a bunch of laws and statutes but with taxes, suddenly that becomes the only qualification haha
Love that you are not afraid to say how you are trying to grow your book of business. The invaluable information that you give to everyone is amazing! Organic lead generation through value that you have provided for everyone. If I ever have a client that needs your expertise, I know where I am sending them!
I swore I understood english until I really started taking my business seriously. Legal lingo is even more confusing than I initially thought. I have to read things a billion times over lol. Though I do wonder, what the taxes say about people who work on the road? 🤔 I feel like the cafe case makes more sense. Since they continued the same thing everyday. Definitely interesting cases indeed.
I started my business 8 years ago. I literally did not know what I was getting into. I have made mistakes and learned a lot. The most frustrating part is not getting the input I need from the professionals I hire to help me. I feel like I am on an island most of the time. Your videos always help. I don't abuse meals, but am now much more aware thanks to you. You know your stuff!!! And glad you take the time to debunk all of the shit out there. Greatly appreciate you.
my favorite is how you explain the framework for tax issue analysis! Your channel is literally my favorite (I know, I know… I’m a business nerd, but I appreciate how you break each topic down, like a trained lawyer does!! ). I get all of these questions, all of the time from my clients.
Citing the specific cases and giving layman's terms examples makes it easy to understand. I love how you love this so much because your explanations are clear!
I’m amazed how interesting I find your videos on our tax code. If someone told me tax code videos would be some of my favorite on all of RUclips a few years ago, I would never believe it possible. But I love them. So helpful. Thank you for all your awesome input and expert advise!
I appreciate the effort you put into making complex legal concepts more accessible. Your expertise is evident, and I truly enjoy learning new and valuable information. Thank you!
Going to throw my vote on the pile for more long-form content. The topics here are fascinating but often discussed boringly elsewhere - I would love a tax & accounting podcast/RUclips show that is produced by someone who's clearly passionate about the subject
Thank you for taking the time to create this insightful video! Not only did you provide valuable information, but you also demonstrated how tax professionals should conduct thorough research. I appreciate the depth of your analysis and look forward to more videos like this. Keep up the great work!
Thank you for shedding light on such a crucial topic, Jasmine! Your explanation of the nuances surrounding the deductibility of daily meals was both enlightening and essential for anyone navigating the complexities of tax law. I appreciate how you broke down the foundational hierarchy of tax law, emphasizing the importance of IRC 162(a) and the precedent set by landmark cases like Sutter v. Comm’r (1953) and Moss v. Comm’r (1985). As you highlighted, the distinction between personal and business expenses is pivotal. The court's determination that "daily meals are an inherently personal expense" establishes a tough but necessary barrier for taxpayers seeking deductions for routine meals. Your use of the PB&J sandwich example brilliantly illustrates the personal versus business expenditure dilemma, highlighting what someone might choose when dining out with a potential client versus opting for a homemade meal. This analogy drives home the point that unless the meal can clearly differ from personal spending, it cannot be considered a deductible business expense. Additionally, your mention of the firefighters' case - where mandatory meal contributions were justified for deduction - shows how context is critical in tax liability considerations. These real-world examples not only clarify complex concepts but also underscore your dedication to ensuring your viewers come away with a solid understanding of tax law. It’s evident that your passion for your profession as a tax attorney, CPA, and enrolled agent shines through in your work. Your decision to join social media reflects a genuine desire to inform and educate, especially in a landscape rife with viral misinformation. The danger of creators pulling half-truths or dubious claims out of thin air is real, and I deeply respect how you confront this challenge. Your commitment to providing accurate, researched information, rather than chasing social media fame, honors the integrity of your profession and the needs of your clients. As I prepare to start my career as a financial advisor in a few days, your content has inspired me. I am determined to earn important designations like the CFP and potentially become a CPA as well, driven by the desire to provide the highest value to my clients and protect them from misinformation prevalent on social media. I rarely subscribe to RUclips channels or engage on Instagram, but I had to subscribe and follow you here. I hope to win the contest and learn from you because I can already see the difference I want to make in people's lives. I took the liberty to write this second comment because I initially commented at around 2 o'clock in the morning while half asleep, not wanting to miss out on the contest cutoff. Now that I’m more awake and focused, I wanted to provide these additional thoughts. Lastly, just a light-hearted note: my IG profile picture is of my dog. Does that mean I can write off my dog’s expenses since I used his picture for my IG? LOL 🤣, just kidding! My IG is @_juan_2_three_4 Thank you for your dedication, Jasmine. Your desire to keep learning and improve your craft for the benefit of your clients and the community is truly inspiring. I look forward to more insightful content from you!"
Great stuff Jasmine! The long form content is a nice break from the shorts. Your reaction videos are the main thing I watch, but it's really interesting to see you take a deep dive and reference court cases. Please keep doing these! It's like CPE, but more fun!
Love the video! I was a firefighter in Vegas. Retired now. The person that prepared my taxes said no for meals deduction right from the start. Said it wasn’t enough and could potentially be a red flag. Thank you for the valuable information you provide!
Everything I see you do is excellent, and it is great to hear someone who lives and breathes this stuff. Your ultimate Flex is the Law, Statue, and QUALIFICATIONS, not the "imaginary" rule on the Web. While I may not win, I love the GEMS you're dropping. - You Rock | Done |
I love your evidence based approach to explain in plain language how critical it is to advise clients based on past cases and solid foundation ground. Appreciate you❤
The thing I loved most about this video was seeing the joy you get from talking about this subject and past cases. It makes the information provided that much more interesting. Thanks for sharing! God bless you.
Based tax advice. For many years I was paralyzed by people giving me bad tax advice. It seemed to good to be true (it was) and I was afraid to implement any tax strategy. I like Jasmine’s straightforward approach. Good stuff!
Jasmine you are the GOAT of tax advice!! ❤’d you explaining the importance of researching tax court cases that provide precedent for tax positions taken. Need this win for myself, my family and my clients! God bless 🙏
I really appreciate you citing actual court cases, this video, although a common issue and point of contention with clients, was very insightful. Thank you
don't need to win...just love how often I reflect on the points you make though out my day🤔... you'd be surprised how many times I bring them up in random conversations... I come across as 'informed' 😁👍
You’re a genius! I love how excited you are about your practice area. Keep up the good work. I love learning about tax law from you so much more than I would have ever guessed!
great info and clarity on an often confusing topic for many of us. I learn a lot from your content and as a self employed person, I’m very grateful. Thank you 🙏🏻
Do not have IG, but still liked your video and subscribed because we need more people like you shedding truth on actual tax law and what to do legally… Kudos to you 🎉
I'm VERY thankful that I found your page. I've spent countless hours commenting on Karlton's (and other's) videos, explaining why a lot of them are misleading / incorrect. I get these types of videos sent to me from my clients constantly. Now instead of having to explain each one, I just say, "don't follow them, follow Jasmine".
Did KD block you? He blocked me and my comments. Also, Pace Morby has blocked me when I raised IRC 1274 on his "principal only/zero percent" seller financing. I could use some help straightening these clowns out!
@@THEtaxstrategists HA I'm not sure if he blocked me. One of the comments had 1,200+ likes so probably. But yes I agree. It's honestly dangerous what some of them are doing. They're advice is going to be taken and I guarantee some of their viewers are going to get themselves into trouble.
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🎉 GIVEAWAY TO CELEBRATE 300K! Want to win direct access to me? Here's how to enter:
How to Enter the Giveaway:
- Subscribe to my RUclips channel
- Like this video “Can You REALLY Deduct Daily Meals”
- Comment on this video what you enjoyed most about it with your IG @ username (so I can reach out to directly you if you win)
Reply to this comment "done" so I know you've entered
That’s it! I’ll reach out to the winner via IG in 48 hours. 🎉
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WOW! I am a Los Angeles Firefighter and have been for 15 years and was told by my tax guy that I CAN NOT write off my meals at work even though we have it written in our rules that we "shall participate in organized mess, unless we have a note from our doctor that is approved by the Division Chief" I can't believe you are talking about my job, love you and thank you for everything!
Are you given per diem for the meals? All of the government jobs I had which required a daily meal either had to provide the meal or pay per diem--even if it didn't cover the full cost. I think the per diem usually covered at least 75% of it.
You may be able to get back some years of taxes… 😂🔥👍🏾🤑
@@ThatonedudeCR12956 no. It’s a common misconception that firefighters get meals paid for. We pay for our food, forks, plates, chairs, internet, television, refrigerator, ice machine, gym etc
This is a great video, but this area is very specific, you also want to look at Karl CHristey vs US 8th circuit, but way more important is that Firefighters are employees and your ability to deduct expenses is the 'real' issue so see 146 T.C. No. 3
UNITED STATES TAX COURT
MICHAEL JONES AND M. CHASTAIN JONES, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 27187-12. Filed February 9, 2016.
If you work at a company that has a subsidized cafeteria, that subsidy is not deductible to the company.
The IRS must be having a field day with so many tax evaders just confessing how they are evading taxes.
Especially with the recent infusion of manpower.
A lot of them are lying in the videos. They don't actually do this stuff. They just convince other people that's what they do so they can get the views
@@TonySoares17 Also they themselfs dont do their own taxes and have professionals do them for them, which makes it even more stupid.
Blks make it so easy… dumbest people
True unless it's legal
Honestly, this is the best youtube channel on tax!
Thank you so much!
@taxleverage I 100% agree! I work in sales, and only a few meals are tax deductible!
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Agree! Love it. Subscribed!
It just takes one geek to spend the time to crank out videos, and the world is a better place.😊😊😊
Absolutely love this longer format with actual case law - extremely interesting, may not be as popular as your shorts, but I think this style of content is much more interesting and engaging!
Indeed, at least for those of us with a longer attention span. Sadly, for many now an in depth look is just too involved.
OMG, this woman is a savage. haha! "Not only does it sound wrong, but after watching this video you'll know why it's dead wrong." ~ Jasmine DiLucci
That's my favorite aspect of her content. She's like the Oprah of telling people they are wrong. And you get to be wrong! And you! And you! Everybody getting educated.
@@offdabeatenpathplease don’t call her the Oprah of anything, She earned her place and worked her ass off to gain all this knowledge and she’s an actual Tax Attorney she doesn’t just play one on tv
I love your passion about learning and educating people about tax law properly. Keep it up. More people need to know how to tell apart those who are giving well reasearched advice vs click bate advice.
Thank you so much!
@@taxleverage Quick question; Has this Carlton ever responded to any of your responses videos??? I would LOOOVE to see it. If so, would you PRETTY PLEASE send me in that direction. I'm dying to see his response in getting schooled not only by a Woman but by a SMART woman, who is confident not only because she's successful but because she knows what she's talking about..
He's one of many extremely arrogant male influencers who flaunt there "Wealth" and talk about how much money they make. But aren't very knowledgeable and most likely are NOT truly wealthy😂
@@ITSmyOPINIONN He probably knows better than to pick a tax fight with her. It seems like his brand is all about sounding clever when telling people what they want to hear. He's the type that would ignore her at all costs and just stay in his own little bubble to get the clicks
@@tate6809 Your probably right, but IF you catch wind of a response video PLEASE don't forget to send me the link... That will be the most entertaining video this year 😜🙋🏾♀️✌🏾
@taxleverage wonderful content. Thank you. Can you discuss strategies to deduct home office and any tax liabilities or filing requirements for 2 year new LLC with no profits, yet.
Favorite part: Jasmine mentions the exact tax code in question and also court cases that are relevant. I've noticed she does this in most of her videos. Really shows that she knows her stuff!
Need more of these. You’re like the Tax version of Legal Eagle!
We need a collaboration video!
100% accurate
Except she didn't talk anywhere nearly as much or as fast as the Legal Eagle guy. He can learn a few things from her about concise communication.
@@JW-eq3vjyou can slow down his videos if they are too fast for you
These are *soooo fun!* 😊
Glad you enjoyed!
@@taxleverage And you are having much too much fun making this/these. Does that mean they are not deductible?
@@taxleverage would it be different if in the last case they ordered food to the office this making it a working lunch?
1. I'm so happy to see you doing more long term videos again.
2. This video needs to be plastered in all the comment sections of all those BS tax "strategist" out there.
Very well done.
Thank you Jasmine. This was very helpful to me. I’m an LLC - Schedule C. I’d love to see more videos like this for travel, mileage, supplies, subscriptions, professional fees, etc.
Also, the home office expense deduction including whether or not depreciation plays a role.
If you told me 20 years ago I’d be watching RUclips videos about tax law for fun I would have told you to take a hike 😂 love this long format!
I love this style of video. Citing the specific verbiage of the cases really highlights the specifics that get lost in the sauce. Thanks for making this so understandable
I just learned about this channel while scrolling on Reels/Tiktok/Shorts, and this is the first long-form video of yours I've watched.
I LOVE IT! Perhaps this is just the nerdy side of me who loves numbers, taxes, and laws, but this was incredibly interesting and entertaining to me. I'd love more content like this.
I know that this is a 2 week old video, but I'm brand new to your channel and, as a cpa and ea, this is my new favorite thing on the Internet. You make our profession seem... dare I say... cool?
I love how you debunk all the misinformation being spread on the internet with facts and the law! Thank you!!
One of my favorite videos! "... Well shit, all of these tax professionals are wrong!". Love it! Classic!
Love the in-depth analysis and cross checking with court cases. Really helps to understand what’s what and how to handle and also have the client’s best interest when accounting for their everyday expenses.
I feel smarter every time I watch one of these videos, thanks for making them!
I love the fact that Jasmine always does her research before making these videos. She is very knowledgeable and speaks the facts instead of pushing some fake narrative to get views. I also love that she's not afraid to put others videos up and tell them how they are incorrect. Thanks for sharing your knowledge and advice Jasmine. Keep up the good work.
Thank you so much for sharing your knowledge and making these videos!
Your enthusiasm is infectious. I don’t inherently share your passion for tax law. But when you deftly lay it out, like you just did, it’s fascinating.
This is so interesting, I love this format
Glad you love it! More to come :)
I love the explanation, the breakdown, the compounding and the all the references!
This is the clearest and most direct dissemination of relevant legal information in social media…hands down
Love this girl. She's smart, beautiful, well-spoken, chill and good with money. Thanks for taking the time to help educate the public on tax issues. I understand your time is valuable.
I’ve watched your shorts for a while and this is my first full length video I’ve watched. It’s cool to see someone this excited about something as boring as tax law
This is very educational. Keep it up!
I love all my MLM friends who are going out to restaurants with friends and paying for everyone's meals saying they can write it off because "they talked about their business"
Why do you have multiple MLM friends?
@@RustyyShackleford because other MLM sales gurus preyed on them with the promise of making LOTS of money, and they fell for it. Granted, they aren't doing those anymore... Thank God!
Learning so much! Love the enthusiasm you bring Jasmine! My young RUclipsr is benefiting greatly from your content!!
Love your passion on tax topics. Having been on both sides (prep and enforcement), your videos are spot on!
Now for the meat and potatoes (see what I did there 🙂), so we have established that daily meals are NOT deductible and rightfully so. For those that disagree or want to play the game (i.e. the wanna be tax pros on RUclips), I want to know why you think deducting daily meals would be ok. Again W-2 employees who talk business during lunch are not permitted to deduct their daily meals. I know there is a difference between a W-2 employee and self-employed / businesses BUT a daily meal is a daily meal!
Keep up the good work Jasmine on bringing to light the shenanigans that too many do and promote!
The following is intended to be a sincere response to your question (assuming it wasn't rhetorical). Please note that this is not a claim that daily meals ARE deductible, but that they SHOULD be deductible IMO.
I disagree with daily meals not being a tax deductible expense because living is a necessity, not a privilege or luxury. You can't drive a gas powered car without gas. A body and brain do not function without calories. To me, a daily meal is a necessity because without them you don't have a living being. A business might have open and closed hours at location, but you don't deduct only the portion of their rent or property mortgage expenses which represent the ratio of daily hours that that property is actively used in business practices. If a business buys a property to use as an office or store or whatever else, that entire purchase is a expense.
So in that vein, it takes food, water, sleep, and many other factors to keep a human alive. And even though that human might only use say, 8 hours a day working a job, they still need the sleep and food and water and whatever else is necessary for them to be able to work that job. Because otherwise they're dead, can't work, and cannot perform actions which result in taxable revenue.
And while yes, that food, water, sleep, etc. also benefit that human for more than their work, a business's holdings ALSO provide benefit for more than the intended business use of such. Holdings can be leveraged for loans, and holdings also contribute to the appearance of a healthy company, which encourages trust in the longevity of that business.
So that's why I think that a daily meal should be a tax deductible expense, because without it the human dies and you have nothing to tax, and because things that are necessary to a person's survival are necessary to anything the requires that survival, including work and other actions that generate income. To me, living is a necessity, not a privilege or luxury.
@epictoasty2211 Here is my response. Everything you said is true, so let's allow ALL Americans to deduct food i.e. daily meals on their 1040s.
The issue is the abuse that self-employed folks, and businesses try to do when it comes to deducting everything, including the kitchen sink. IT'S WRONG IN MY OPINION! Either let ALL Americans to deduct daily meals because we are human and need those calories to work or no one.
@@GAFB1122 I would absolutely agree with allowing all Americans to deduct food on their 1040's. It just seems incredibly obvious to me that that ought to be the case and I don't understand why it isn't.
As for self employed person myself, I hope to avoid abusing tax deductions. Most of my deductible expenses are pretty cut and dry due to the nature of my business, though.
For example, I've had to acquire commercial, royalty free licenses to sound samples and virtual software instruments in order to compose, mix, and master background music for video ads I create.
As I am not a player of every orchestral instrument in existence, I have to rely on audio libraries created by people who do play those instruments to compose background music, ad jingles, etc.
And it is absolutely, unquestionably necessary to purchase the commercial, royalty free rights to use those libraries. Copyright law, like tax law, is not something to mess around with.
Have a good one :)
Good & well research knowledge nuggets - thanks for sharing the basis along with reasoning!!
taxes are so complicated in the US and I love these videos of someone actually citing sources and being qualified to actually speak on these things I spoke to an accountant recently and her breaking things down made me feel so much better
So glad you loved it! More to come
I really like the use of actual tax law in reference to cases as evidence and justification! I would love to take a class from you and feel more confident and educated on what steps I can take to ensure my protection!
Hi Jasmine, I love your content and advice. I’m currently on my way to become a CPA, I’m taking the first exam on October. Thanks to you, I’ve become very interested in becoming a Tax Attorney as well!
I really like how you present these exceptions in a clear manner that eliminates the confusions generated by others.
Knowing why meals are non-deductable is one thing. The more important value is how to structure meals to maximize what can be deducted.
So it seems, writing into the corporate by-laws a mandatory meal contribution similar to the firefighter rule, could be exploited.
I love how you are boldly transparent and accurate!!!!
Love the debunking of daily meals, and it makes total sense.
With that said, can you elaborate more on the NON-daily? For example, it sounds reasonable to expense meals during traveling which I don't think most would argue against. What about something occasional? Like a monthly meeting over dinner?
Monthly meeting fits into what she said about the monthly Private at-home business dinners in that second court case she presented.
I think it’d be even more appropriate if you had a small company that is almost entirely or actually entirely remote and they all get-together once a month for a big get-together dinner.
I think that would entirely qualify as a business expense. Now this would probably mean it’s not a single income 1099 and probably some kind of Corp or small business tax structure, but it would almost certainly qualify as an expense that you can write-off for the business.
@@TheGeorgeD13 That makes sense to me, just like car expenses. IRS doesn't let you deduct commute expenses but if your regular place of business is your home office and you visit your clients then you can deduct those mileages because you don't regularly work out of there.
If the meals are contractually obligated, they are deductible.
If the meals are a business expense, the BUSINESS can deduct it as business expense.
The only time it can't be deducted is on personal taxes. But even then, if you can find a way to make it contractual, (like feeding a live-in nanny), then that is also deductible.
Education is key, I love your videos and how it’s actually helpful and not just ridiculous videos claiming wrong information is right. You have saved so many people from so many terrible decisions that would have cost them and their families a lot of time and money.
I could watch her talk all day
I love how passionate you are about your work. Your energy is truly infectious and your videos are a pleasure to watch.
It’s been really interesting to learn how actual cases are used in tax law. It’s funny because no one would give out legal advice on the basis that they’ve read a bunch of laws and statutes but with taxes, suddenly that becomes the only qualification haha
What I liked was how you went into detail on the subject.
You make me want to become a tax attorney LOL. You make it so interesting and fun.
@@aquarius021489 I'm in my mid 30s so starting over doesn't sound too fun
Love that you are not afraid to say how you are trying to grow your book of business. The invaluable information that you give to everyone is amazing! Organic lead generation through value that you have provided for everyone. If I ever have a client that needs your expertise, I know where I am sending them!
I swore I understood english until I really started taking my business seriously. Legal lingo is even more confusing than I initially thought. I have to read things a billion times over lol.
Though I do wonder, what the taxes say about people who work on the road? 🤔 I feel like the cafe case makes more sense. Since they continued the same thing everyday. Definitely interesting cases indeed.
I started my business 8 years ago. I literally did not know what I was getting into. I have made mistakes and learned a lot. The most frustrating part is not getting the input I need from the professionals I hire to help me. I feel like I am on an island most of the time. Your videos always help. I don't abuse meals, but am now much more aware thanks to you. You know your stuff!!! And glad you take the time to debunk all of the shit out there. Greatly appreciate you.
The fact that we have an expert taking the time to provide us with this level of detailed education for FREE is absolutely crazy.
Thank you for this.
Of course! I love doing it
my favorite is how you explain the framework for tax issue analysis! Your channel is literally my favorite (I know, I know… I’m a business nerd, but I appreciate how you break each topic down, like a trained lawyer does!! ). I get all of these questions, all of the time from my clients.
Citing the specific cases and giving layman's terms examples makes it easy to understand. I love how you love this so much because your explanations are clear!
@rocky_from_the_buttes
Thanks for doing the long form video. It provides so much context and relevant background information to understand the meals rules.
Glad you found it helpful!
Damn, Gina! You're a GREAT presenter - friendly and you have a GREAT knack for presenting complex topics in a totally approachable way! THANK YOU!
Thank you Jasmine! Appreciate the SOUND tax EDUCATION. You do so even without a big microphone or a hat!!! - LOL
Not Tax advice :) see the disclaimers.
@@joe-mama6451 you are correct - I was too loose with my language. I edited - :)
If some scheme sounds too good to be true, it most likely is. But the schemers keep coming and coming. Don't listen to them.
I’m amazed how interesting I find your videos on our tax code. If someone told me tax code videos would be some of my favorite on all of RUclips a few years ago, I would never believe it possible. But I love them. So helpful. Thank you for all your awesome input and expert advise!
Bro bro, I told you that didn't sound solid. Common sense crap... That dude is playing with an assault rifle...IRS-15. 😳
I appreciate the effort you put into making complex legal concepts more accessible. Your expertise is evident, and I truly enjoy learning new and valuable information. Thank you!
Going to throw my vote on the pile for more long-form content. The topics here are fascinating but often discussed boringly elsewhere - I would love a tax & accounting podcast/RUclips show that is produced by someone who's clearly passionate about the subject
I appreciate how she thoroughly explains the legal hierarchy AND provides case law evidence. This is the only tax channel I pay attention to.
Thank you for taking the time to create this insightful video! Not only did you provide valuable information, but you also demonstrated how tax professionals should conduct thorough research. I appreciate the depth of your analysis and look forward to more videos like this. Keep up the great work!
I love watching you and learn something new in every video. Thank you for all you do!
Love this. Nice to finally see competent people sharing their expertise on social media.
What I liked the most is that you actually reference cases and precedent to explain why “influencers” are giving bad advice 🙌
This is fascinating, and you have a concise yet entertaining way of explaining these cases. Keep up the good work!
Thank you for shedding light on such a crucial topic, Jasmine! Your explanation of the nuances surrounding the deductibility of daily meals was both enlightening and essential for anyone navigating the complexities of tax law. I appreciate how you broke down the foundational hierarchy of tax law, emphasizing the importance of IRC 162(a) and the precedent set by landmark cases like Sutter v. Comm’r (1953) and Moss v. Comm’r (1985). As you highlighted, the distinction between personal and business expenses is pivotal. The court's determination that "daily meals are an inherently personal expense" establishes a tough but necessary barrier for taxpayers seeking deductions for routine meals. Your use of the PB&J sandwich example brilliantly illustrates the personal versus business expenditure dilemma, highlighting what someone might choose when dining out with a potential client versus opting for a homemade meal. This analogy drives home the point that unless the meal can clearly differ from personal spending, it cannot be considered a deductible business expense. Additionally, your mention of the firefighters' case - where mandatory meal contributions were justified for deduction - shows how context is critical in tax liability considerations. These real-world examples not only clarify complex concepts but also underscore your dedication to ensuring your viewers come away with a solid understanding of tax law. It’s evident that your passion for your profession as a tax attorney, CPA, and enrolled agent shines through in your work. Your decision to join social media reflects a genuine desire to inform and educate, especially in a landscape rife with viral misinformation. The danger of creators pulling half-truths or dubious claims out of thin air is real, and I deeply respect how you confront this challenge. Your commitment to providing accurate, researched information, rather than chasing social media fame, honors the integrity of your profession and the needs of your clients. As I prepare to start my career as a financial advisor in a few days, your content has inspired me. I am determined to earn important designations like the CFP and potentially become a CPA as well, driven by the desire to provide the highest value to my clients and protect them from misinformation prevalent on social media. I rarely subscribe to RUclips channels or engage on Instagram, but I had to subscribe and follow you here. I hope to win the contest and learn from you because I can already see the difference I want to make in people's lives. I took the liberty to write this second comment because I initially commented at around 2 o'clock in the morning while half asleep, not wanting to miss out on the contest cutoff. Now that I’m more awake and focused, I wanted to provide these additional thoughts. Lastly, just a light-hearted note: my IG profile picture is of my dog. Does that mean I can write off my dog’s expenses since I used his picture for my IG? LOL 🤣, just kidding! My IG is @_juan_2_three_4
Thank you for your dedication, Jasmine. Your desire to keep learning and improve your craft for the benefit of your clients and the community is truly inspiring. I look forward to more insightful content from you!"
Great stuff Jasmine! The long form content is a nice break from the shorts. Your reaction videos are the main thing I watch, but it's really interesting to see you take a deep dive and reference court cases. Please keep doing these! It's like CPE, but more fun!
Love the video! I was a firefighter in Vegas. Retired now. The person that prepared my taxes said no for meals deduction right from the start. Said it wasn’t enough and could potentially be a red flag. Thank you for the valuable information you provide!
Everything I see you do is excellent, and it is great to hear someone who lives and breathes this stuff. Your ultimate Flex is the Law, Statue, and QUALIFICATIONS, not the "imaginary" rule on the Web. While I may not win, I love the GEMS you're dropping. - You Rock | Done |
I love your evidence based approach to explain in plain language how critical it is to advise clients based on past cases and solid foundation ground. Appreciate you❤
I love your content. I learn so much. Please keep them coming and thank you.
Girl, the camera sure does love you. These videos are addicting because you’re so smart and the information you provide is actually valuable.
The thing I loved most about this video was seeing the joy you get from talking about this subject and past cases. It makes the information provided that much more interesting. Thanks for sharing! God bless you.
So when we go to professional conferences those meals should be deductable when employer doesn't reimburse, correct?
Based tax advice. For many years I was paralyzed by people giving me bad tax advice. It seemed to good to be true (it was) and I was afraid to implement any tax strategy. I like Jasmine’s straightforward approach. Good stuff!
“Well sh*t”, as usual Jasmine is spot on! She crushes the wannabe tax experts and provides the best advice with real data.
Amazing references. Thank you for making this video!
Im so GLAD you are on social media!! As a newbie, I am getting sick of all the wrong info out there!
You explain tax law in everyday terms. It makes it easy to understand and not as scary to try to apply to our business we are starting. Thank you
Jasmine you are the GOAT of tax advice!! ❤’d you explaining the importance of researching tax court cases that provide precedent for tax positions taken.
Need this win for myself, my family and my clients! God bless 🙏
I really appreciate you citing actual court cases, this video, although a common issue and point of contention with clients, was very insightful. Thank you
don't need to win...just love how often I reflect on the points you make though out my day🤔... you'd be surprised how many times I bring them up in random conversations... I come across as 'informed' 😁👍
I've learned so much watching you daily. 🙏🏽
You’re a genius! I love how excited you are about your practice area. Keep up the good work. I love learning about tax law from you so much more than I would have ever guessed!
great info and clarity on an often confusing topic for many of us. I learn a lot from your content and as a self employed person, I’m very grateful. Thank you 🙏🏻
Definitely appreciate the longer format with the in-depth info!
Enjoyed you referencing and breaking down the specific cases demonstrating how you could or could not claim it.
Your videos are great. So informative and straightforward. Love the analysis.
Thank you! It helps with showing and explaining the cases!
I love your channel. I have an appointment with one of your CPA’s on 9/30 to review my tax situation. Keep educating and helping us.
Do not have IG, but still liked your video and subscribed because we need more people like you shedding truth on actual tax law and what to do legally…
Kudos to you 🎉
I really love what your doing informing us proper tax information. Thank You!!
I have learned so much through your videos. I am so much more responsible when it comes to the law. Thank you so much!
Great job!! thank you for making it understandable for us everyday folks.
Thanks for explaining the foundation and details. Easy to follow
Love how you break down tax law and court cases. Excellent work. Thank you for your efforts.
I'm VERY thankful that I found your page. I've spent countless hours commenting on Karlton's (and other's) videos, explaining why a lot of them are misleading / incorrect. I get these types of videos sent to me from my clients constantly. Now instead of having to explain each one, I just say, "don't follow them, follow Jasmine".
Did KD block you? He blocked me and my comments. Also, Pace Morby has blocked me when I raised IRC 1274 on his "principal only/zero percent" seller financing. I could use some help straightening these clowns out!
@@THEtaxstrategists HA I'm not sure if he blocked me. One of the comments had 1,200+ likes so probably. But yes I agree. It's honestly dangerous what some of them are doing. They're advice is going to be taken and I guarantee some of their viewers are going to get themselves into trouble.
This is the first time I've actually understood the underpinnings of a taxes regarding meal deduction. Thanks for the clarification!
I like that you're not afraid to call out 'influencers' and expose their lack of depth/knowledge in tax law.
I like that all your videos explain with tax court cases