MEALS AND ENTERTAINMENT ARE THEY DEDUCTIBLE ?
Many food, beverage or entertainment expenses that are directly related or associated with the active conduct of a trade or business are allowed to be deducted as business meal and entertainment expenses to the extent that they are not lavish and extravagant. You must document details of these meals and entertainment meetings to comply with IRS rules. Most qualified meals and entertainment are 50% deductible however some are 100% deductible. The fully deductible benefits are often missed.
Generally only 50% of these meal expenses are deductible. A few examples that are generally 50% deductible are:
There are certain meal expenses that are 100% deductible. A few examples that are generally 100% deductible are: Continue reading