Tax Tips For Business Meal Deductions 2

Tax Tips For Business Meal Deductions

Do you travel or amuse clients in your business? Then you’re probably aware that you’re entitled to deduct meal expenditures related to these events. However, the tax law encircling business meal deductions isn’t as black and white as we’d think. If you need help deciphering what’s allowed and what’s not, these tips will provide some clarification. Remember that only 50% of expenses for meals used as a form of entertainment are deductible. As with meals used as entertainment, you can only just deduct 50 percent of travel-related meals.

For business owners, this deduction is only allowed if you are out of town actually. Having lunch at a restaurant on the other hand of town from your office? Doesn’t count. Day excursions Neither do most. When you have employees, certain meal expenses be eligible for a 100% deduction. For meals that qualify as deductions, you’ll need to keep a record stating when and where the meal occurred, who the food was with, and the business reason for the meal.

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75 or more, you’ll should also keep carefully the receipt. If record keeping isn’t your forte, there’s a standard meal allowance rate (that may vary by location) that you can use as your deduction amount. As the allowance may be significantly less than the full total cost of your meal, not having to give a receipt might be well worth the difference.

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