1099 CRNA Institute: Thrive as your own boss-Annual Meeting Expenses as a S Corp

Video Transcription

Video Summary

The video discusses the importance of annual meetings for corporations. It mentions the necessity of documenting expenses related to the meetings, such as travel, accommodations, and meals. It also emphasizes the need for proper documentation, including meeting minutes and agendas. The video highlights which expenses can be deducted, such as meeting space and lunch during the meeting, while cautioning against deducting personal or excessive expenses. The importance of maintaining records for IRS audits is stressed, along with ensuring expenses are reasonable and directly related to the meeting. The process of claiming deductions on the 1120-S form is explained, and the importance of thorough documentation is emphasized. Sharon and the speaker share insights on how to organize meeting materials effectively, including using binders for receipts.

Keywords

corporate annual meetings

expenses documentation

deductible expenses

IRS audits

meeting materials organization