The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes.
We have received many questions about how meals and entertainment expenses will be taxed and impact on your businesses.In general, most employee expenses incurred for business use may be deductible. Most expenses incurred on client M& E are non-deductible. Below are few most common scenarios for your quick reference that is applicable starting 2018:
There may be many other scenarios that may require additional tax research to deduct in 2018, consult a qualified tax professional for more information.
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