if yes plz explain how much percentage can i deduct for taxes,etc
Divorce / Separation Lawyer
This is a question for a tax accountant - not for lawyers.
Best of luck with your business.
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Personal Injury Lawyer
Entertainment expenses including meals are usually deductible up to 50% of each expense if you meet certain criteria:
(1) The main purpose of the entertainment was to conduct business and you did, in fact, engage in business with that person during that time; and
(2) You have more than a general expectation of receiving some specific business benefit or business income at some point in the future.
I hope this helps.
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Estate Planning Attorney
You should discuss with a CPA. Here is some helpful information
Entertainment expenses that are both ordinary and necessary in carrying on a trade or business may be deductible if they meet one of the two tests:
The directly-related test, or
The associated test
See Publication 463, Travel, Entertainment, Gift and Car Expenses, for more detailed information about these two tests.
You must have records to prove the business purpose (under the applicable test) and the amount of each expense, the date and place of the entertainment, and the business relationship of the persons entertained.
Generally, only 50% of food and beverage ("meal") and entertainment expenses are allowed as a deduction. For exceptions to the 50% limitation, refer to Publication 463, Travel, Entertainment, Gift and Car Expenses.
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