Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 02-05-2013, 03:31 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,347
Blog Entries: 3
What are the limits on the amounts deductible for Meals and Entertainment incurred for business travel?

According to the IRS, "Meal expenses are deductible only if your travel requires you to be away from home overnight or if the meal is business-related entertainment." Taxpayers can determine their travel meal expenses using either of the following methods:

1)Actual cost.
If taxpayers use this method, they must keep records of the actual cost.

2)The standard meal allowance which is the federal M&IE rate.
These rates are listed on the GSA website.

However, taxpayers should note that the deduction for unreimbursed business meals is generally subject to a 50% limitation.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are meals & lodgings related to long-term-care deductible? TaxGuru Medical 1 08-05-2013 06:48 AM
What is the IRS criteria for the Meals and Entertainment Expenses to be deductible? TaxGuru Sole-Proprietorship 0 09-21-2009 11:29 PM
What are rules for meals/lodging exp's for Foreign Travel for business of < 1 week? mabalone Miscellaneous 1 03-27-2008 10:13 AM
Are Theft losses incurred in 2007 deductible on my 2007 tax return? presley Miscellaneous 1 01-13-2008 01:05 PM
Meals and Entertainment abax C-Corporation 1 02-04-2007 12:49 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning