Author Topic: Food as a business expense/tax deduction?  (Read 2688 times)

SteelePegasus

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Food as a business expense/tax deduction?
« on: February 02, 2006, 05:34:38 PM »
While watching Ron Coleman’s Cost of Redemption DVD I noticed that he ate out for almost every meal. He only ate breakfast at home. My question is: do the professional body builders claim food as a tax deduction? As this can consume a large portion of your expenses I would hope so.
You would think that it would be cheaper for Ron to eat at home.  Also I never saw any vegetables.
Also on Jay’s Improved on beyond his wife spent nearly every part of the video in the kitchen. He also said that he goes to Costco weekly
Do you guys claim food as a business expense?
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body88

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Re: Food as a business expense/tax deduction?
« Reply #1 on: February 02, 2006, 06:13:38 PM »
Ronnie works his ass off and is the most succesful competing pro money wise next to cutler
maybe he can just afford to eat out all the time or does not feel like cooking at that food.

SteelePegasus

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Re: Food as a business expense/tax deduction?
« Reply #2 on: February 02, 2006, 06:20:42 PM »
I wasn't so much questioning his money level. Clearly Ronnie is a top earner, he just signed one of the biggest contracts for a BB. I was asking an honest question about business expenses.  I just happened to mention Ronnie because I enjoy watching his training films.  I noticed that he ate out for most meals.
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Tre

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Re: Food as a business expense/tax deduction?
« Reply #3 on: February 02, 2006, 10:29:10 PM »

Food is a tool of the profession, so the answer is 'yes', but it's not a 100% deduction. 

For example, when you're on a business trip, only 50% of your food bill is deductible.  Why?  Because you have to eat food anyway, regardless of whether you're traveling.  The assumption is that it costs more to eat out than it does to eat at home.

Likewise, it costs more to eat like a pro bodybuilder than to eat like a guy who just works out 5 days a week.

onlyme

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Re: Food as a business expense/tax deduction?
« Reply #4 on: February 03, 2006, 02:35:03 AM »
One thing I liked about acting and being a member of SAG was the deductions.  Literally just about everythign I did was a writeoff especially the food.  I spent nearly every lunch in LA and BH.  Gas, clothes, food, car phone, supplements, etc.  I loved it,