Linda is self-employed and spends $600 for business meals and $900 for business entertainment in the current year.What is Linda allowed to deduct in the current year for these expenses?

Question

Quizplus · Accepted Answer

Under the tax law, only 50% of business meal expenses are deductible, and business entertainment expenses are generally not deductible. Therefore, Linda can deduct 50% of $600, which is $300.

Linda Is Self-Employed and Spends $600 for Business Meals and $900