![]() ![]() You expect a specific business benefit or income from this meeting.You had some sort of business meeting: negotiation, deal, or the start of a deal.The main purpose was to conduct business the entire time doesn't have to be on business but it must be the main thrust. ![]() You must show all of the following to get this deduction: You are allowed to write off 50 percent of the costs of meals and entertainment related to your business. Outside of those, there are a few exceptions of expenses you may think are related to your business but the IRS won't let you take a deduction. This includes advertising costs, bank fees for your business accounts, health insurance costs, license fees, office utilities, wages and benefits you provide to your employees and much more. There is a wide-ranging list of expenses that can fit into this category. ![]() Similarly, these expenses must be directly related to your business and can't be for an exorbitant amount. Think of a hammer for a carpenter or office supplies for your small business. The first requirement means it's common and appropriate for your profession or business. This can include almost any expense as long as it's: If you're self-employed, the IRS allows you to deduct any "reasonable" business expense. Let's go over business expenses you can't deduct. There are some exceptions to this, though. One of the nice things about being a self-employed worker or a small business owner is your ability to deduct nearly all your business expenses. ![]()
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