I have an accounting question! I have a small business. I am catagorizing expenses for tax prurposes.?

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I have an accounting question! I have a small business. I am catagorizing expenses for tax prurposes.?

What would an out to dinner expense be catagorized as if I was on business travel? 100% reimbursable according to IRS standards?? Thanks!

2007-12-05 04:26:30 · 4 answers · asked by NONE 2 in Business & Finance ➔ Taxes ➔ United States

4 answers

The deduction for business meals is generally limited to 50% of the unreimbursed cost.

Topic 511 - Business Travel Expenses
http://www.irs.gov/taxtopics/tc511.html

2007-12-05 04:30:02 · answer #1 · answered by imisidro 7 · 1⤊ 0⤋

Entertainment Expense.

2007-12-05 04:29:29 · answer #2 · answered by Pam H 6 · 0⤊ 0⤋

Meals and Entertainment. Only 50% deductible.

2007-12-05 04:30:19 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋

Assuming you can substantiate the trip, Meals are 50% reimburseable.

On a schedule C, it's line 24b.

2007-12-05 04:32:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋