Quantcast

How Do You Report Food Costs For Tax Purposes?

INNspiring.com | Innkeeper Forum & Innkeeping Resources

Help Support INNspiring.com | Innkeeper Forum & Innkeeping Resources:

SweetiePie

Well-known member
Joined
Feb 22, 2009
Messages
614
Reaction score
0
I used to do it by keeping the receipts until the IRS did a group audit of B&Bs in order to come up with a standardized format. They told me I should be charging a fixed amount per meal. I believe it was $10 for breakfast, $15 for lunch and $20 for dinner. That was in 2001. I've kept the same system just wondered what others were doing.
 

Morticia

Administrator
Staff member
Administrator
Moderator
Joined
May 22, 2008
Messages
17,274
Reaction score
143
Receipts. That way there is proof, should it be necessary.
 

Morticia

Administrator
Staff member
Administrator
Moderator
Joined
May 22, 2008
Messages
17,274
Reaction score
143
BTW, is that $10/person or /room?
 

gillumhouse

Moderator
Staff member
Moderator
Supporting Member
Joined
May 22, 2008
Messages
15,520
Reaction score
83
I have my receipts to back it up but I use my checkbook. Food costs for the B & B are written on the B & B account. I enter my checkbook into the computer in the proper categories, print it out and give it to my tax person, and I get a tax form ready for signature.
 

swirt

Forum founder. Former Owner.
Joined
May 17, 2008
Messages
3,210
Reaction score
0
We save all the receipts and use them.
 

Latest posts

Top