March 19th, 2009
Meals and Entertainment IRS Deductions
If you are a business owner or you are a self-employed person, you may be able to take IRS deductions on the cost of meals and entertainment expenses that relate to your business. You must, of course, keep good records of your expenses.
To do this, you need to be able to follow the IRS rules on record keeping. Most of the time, meals and entertainment costs are not 100% tax deductible.
The majority of them are only 50% deductible but there are exceptions so you should read IRS publications about meals and entertainment expenses before you prepare your tax return to be sure.
