DISCLAIMER: I am a CPA, but I am not your CPA. This article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.
As business owners we may find ourselves entertaining clients from time to time. It may be as a coffee meeting with a prospective client or an evening at the ball game to show a customer your appreciation. But you may be wondering what is allowable as a business deduction for these types of expenses.
In today’s episode I will be discussing the Meals & Entertainment deduction for business owners. I will be chatting about the types of meal expenses that are deductible, the record keeping requirements to take the deduction, and how to take the deduction on your tax return. In addition I will be talking about entertainment expenses, which as of 01/01/18 are no longer deductible for tax purposes.