Meals and entertainment expense

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Meals and entertainment expense

A tax deduction allowed for meals and entertainment expenses incurred in the course of business.

Meals and Entertainment Expense

Money that a business spends in the course of buying meals for or otherwise entertaining a client, customer, or employee. In the United States, one may deduct meals and entertainment expenses from one's taxable income, subject to certain restrictions. In general, one may only deduct up to 50% of meals and entertainment and must be able to prove that one conducted business with the person that one was entertaining.
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Allowing a full (or even 80-percent) deduction for consumption of the business meal, the summary of the President's proposal states, amounts to an improper tax subsidy for a personal expense of the employee.
Finding a bright line litmus test to distinguish a non-deductible personal meal from a deductible business meal turns upon an understanding of the association between a meal and the business.
It was after Roman and Kim enjoyed a business meal together that the filmmaker decided to give the role to her.
Similarly, a restaurant receipt is sufficient to support an expenditure for a business meal if it contains the following: name and location of the restaurant, the date and amount of the expenditure, the number of people served, and, if a charge is made for an item other than meals and beverages, an indication that such is the case.
A House minimum wage proposal that received serious consideration in the 106th Congress included a provision directed at small businesses that would raise the deductibility of business meal expenses.
* UNDER CURRENT TAX LAW, A COMPANY generally can deduct only 50% of business meal and entertainment (M&E) expenses.
Start your business meal with tortilla soup or Louisiana crab cakes in a sauce of oysters and smoked peppers.
As a business owner, if you entertain clients or customers, you can only deduct 50% of your qualifying business meal and entertainment expenses.
Our restaurant, La Bourgogne, voted "Best Business Meal on an Unlimited Budget," has prices adjusted for the exchange rate: Now, dinner costs less, about US$40 per person.
As a business owner, if you entertain clients or customers, you can deduct 50% of your qualifying business meal and entertainment expenses.
MILAD participants were encouraged to make the business meal deduction an issue during their talks with members of Congress.
Only 50% of business meal and entertainment expenses are deductible, auto expense deductions are subject to strict limits.
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