Meals and Entertainment: How to Classify Business Expenses for Tax Purposes
By Louann Cassano
Whether it’s drinks with a client or dinner during a work trip, meals and entertainment are generally tax-deductible business expenses. However, the size of the allowable write-off depends on the circumstances of the expenditure, including the purpose of the meal or entertainment, who the recipient is and where the expense takes place.
If you don’t understand the IRS rules that govern these deductions, you may be tempted to lump all meals and entertainment into...
