If I have a business meeting at a restaurant, will I be able to deduct the entire meal or just 50%? Also for interviews at a restaurant is it 100 or 50%
2007-07-10 03:41:11 · 5 answers · asked by planetnoelle 2 in Business & Finance ➔ Taxes ➔ United States
I would be filing under a corporate return...not a schedule C. I am not sure if that makes a difference.
2007-07-10 04:12:05 · update #1
Any meal that is for business purposes, whether you have another person with you or not, is deductible at 50%.
If you are self-employed, the full 50% of meals and entertainment can be deducted on Schedule C. If you are employed, the expenses are deducted on Schedule A (through Form 2106) and are further restricted to a 2% of adjusted gross income floor.
2007-07-10 04:03:48 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
For meals, 50% is all you're allowed in either case. And the only way you can deduct a meal that's just you is if you are away from your home area travelling on business.
2007-07-10 10:43:47 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
I believe if you are filing it as a corporate return, then it's a 100% deduction. If you are filing under a Schedule C, then only 50%.
2007-07-10 10:45:09 · answer #3 · answered by sortaclarksville 5 · 0⤊ 4⤋
50% - no questions about it.
2007-07-10 10:46:07 · answer #4 · answered by ForensicAccountant 4 · 1⤊ 0⤋
the deductions for meals and entertainment do not change it is always the same no matter if your taking out a client or your crew or just yourself . . .
2007-07-10 10:46:03 · answer #5 · answered by Rainy 5 · 0⤊ 4⤋