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Income & Expenses
Question: For business travel, are there limits on the amounts deductible for meals?
- Meal expenses are deductible only if your travel requires you to be away from home overnight or if the meal is business-related entertainment.
- You can figure all your travel meal expenses using either of the following methods:
- Actual cost. If you use this method, you must keep records of your actual cost.
- The standard meal allowance, which is the federal M&IE rate. These rates are listed on the GSA website.
- The deduction for unreimbursed business meals is generally subject to a 50% limitation.
- Tax Topic 512, Business Entertainment Expenses
- Publication 463, Travel, Entertainment, Gift, and Car Expenses
- Tax Topic 511, Business Travel Expenses
Category: Small Business, Self-Employed, Other Business
Subcategory: Income & Expenses