Travel and Entertainment Expense Deduction

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Travel and Entertainment Expense Deduction

A reduction in one's taxable income based on money one spends on traveling and entertainment for business purposes. Examples include expenses for hotels and meals while traveling on business. Travel and entertainment expenses can significantly reduce one's tax liability, but they are not unlimited. For example, one cannot deduct entertainment considered "lavish." Some entertainment is only deductible at 50% of its value.
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162(m) limits on deductions for executive compensation, cases involving voluntary employees' benefit association (VEBA) and deferred compensation deductions, IRS guidance relating to travel and entertainment expense deductions, developments under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) regulations and the new "Nanny" tax provisions.
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