I joined the tax industry this year & decided to partner with Jumping Jack Tax, my decision has been life changing. The mentorship I have received in the last 3.5 months is worth zillions! With JJT I can NOT fail! @PrinceDonnell_ Thank you.
1. You must verify that these expenses are legitimate business expenses.
2. You must have the documents to back up the deductions.
3. You must determine if you can take the full amount as a deduction or if the amounts are subject to the “50% rule”.
Taking out customers, vendors, or potential employees for a meal is a great way to build your business. And meals for business purposes is a legitimate business tax deduction.
Taking these meal expense deductions is a 3 step process: