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George Polis owns a popular family restaurant downtown as a sole proprietorship. He spends 7 days a weeks at the restaurant, managing his business. As
George Polis owns a popular family restaurant downtown as a sole proprietorship. He spends 7 days a weeks at the restaurant, managing his business. As a result, his wife and kids stop by there to visit on a daily basis and eat most of their meals there. In addition, George often order extra food from his wholesale supplier, prepares casseroles in the restaurant kitchen with the chefs, and takes it home.
Questions:
- Do you see any ethical issues with Georges practice?
- What are the tax rules for deducting business expenses?
- Identify 2 expenses that may be overstated.
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