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| FREE NEWS ALERTS A free, comprehensive news service to keep small businesses and independent contractors posted on the latest tax developments affecting their operations.
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Thursday, Dec. 22 Expenses – Entertainment and Meals, #101One of the most common business expenses that you can deduct falls under the entertainment category. Generally, you are able to deduct most of the costs associated with entertaining a client, customer or employee, up to a 50 percent limit. A meal is considered a form of entertainment. To deduct an entertainment expense, it must meet either a “directly-related” test or an “associated test” prescribed by the IRS. … Subscribers have free access to the archives. Click here. |
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