Linda is self-employed and spends $600 for business meals and $400 for business entertainment in 2013.What is Linda allowed to deduct in 2013 for these expenses?

Question

Quizplus · Accepted Answer

In 2013, the IRS allowed a 50% deduction for business meals and entertainment expenses. Therefore, Linda can deduct 50% of $600 for meals ($300) and 50% of $400 for entertainment ($200), totaling $500.

Linda Is Self-Employed and Spends $600 for Business Meals and $400