If not, you may be better off considering options like an Offer in Compromise. As with travel-related meals, you can only deduct 50 percent of meals as entertainment expense. Learn who you can claim as a dependent on your tax return. Enter Make of Vehicle, Model, and even suggest you enter year; then amount of actual deductible property tax. All tax tips and taexs.

Being able to write off the cost of food and drink while traveling or meeting with clients is put options taxes you can deduct huge perk for business owners. You should deruct careful, though, because the IRS rules related to meal deductions are complicated. Meals purchased while traveling or to entertain clients are generally 50 percent deductible, while food purchased for the benefit of employees can be fully deductible. While you can deduct percent of your lodging and mileage expenses, you can only deduct 50 percent of the meals you purchase.

You may include the entire cost of the bill when you calculate the expense, including food, beverages, sales tax, and gratuity. Business owners can only take this deduction if they are truly out of town. Traveling for a conference, seminar, trade show, continuing education, or to visit a customer or potential client are all valid business activities.

To write it off, there must be some substantial business discussion before, during, or directly after the meal. If you expect to get some income or business benefit from providing the meal, it also qualifies as a deduction. As with travel-related meals, you can only deduct 50 percent of meals as entertainment expense. If you have employees, some of your meal expenses are percent deductible. For example, the IRS allows businesses to fully deduct occasional small snacks opyions meals that are purchased for the benefit of employees.

Doughnuts and coffee purchased for an office meeting are a perfect example. Lunches and dinners brought in to facilitate working through lunch or working late also count. The cost of food and drink involved in hosting a companywide event — like an annual picnic or a summer outing — are also deductible. Tax guidelines and requirements for meal deductions are surprisingly complex.

Luckily, there are helpful resources available to help you sort through it. IRS Publication has all the information you need but can be time-consuming to navigate. Grant Thornton maintains a 9-page guide [PDF] detailing specific requirements. And accounting firm Barnes Dennig created a quick reference guide [PDF] to categorize common meal expenses. Intuit and QuickBooks are registered trademarks of Intuit Inc.

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