Keep Track of Meal & Entertainment Expenses

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business.

In order for the IRS to allow these deductions, good documentation is a requirement and should include the amount, date, time and place, business purpose and names of guests and business relationship.