We hosted a small party for my wife's partners (they are not employees). Where do I deduct the cost of the food, etc.
Thanks,
Tom
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You would claim the Party costs under Meals. To get there you would click the following:
You would claim the Party costs under Meals. To get there you would click the following:
While the TCJA eliminated the deduction for entertainment expenses, Congress did not amend the provisions relating to the deductibility of business meals. Thus, taxpayers generally may continue to deduct 50 percent of the food and beverage expenses associated with operating their trade or business, including meals consumed by employees on work travel. However, as before the TCJA, no deduction is allowed for the expense of any food or beverages unless (a) the expense is not lavish or extravagant under the circumstances, and (b) the taxpayer (or an employee of the taxpayer) is present at the furnishing of the food or beverages.
In October 2018, the Treasury Department and the IRS published Notice 2018-76, with guidance clarifying when meal expenses are nondeductible entertainment expenses (see Tax Alert 2018-1997).
Under the Notice, taxpayers may deduct 50% of an otherwise allowable meal expense if:
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