Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro
Meal and entertainment expenses need to have more documentation than some of the other common self-employed business expenses.
You'll need to keep track of and document the following;
1) The receipts
2) What the business purpose was for eating out at a restaurant
3) Who was there at the business event
4) What business was conducted
Unlike other business expenses, like personal vehicles, each meal is either fully deductible or it isn’t deductible.
Any meal that doesn’t have adequate business documentation isn’t deductible.
Hope these guidelines help in your business-expense documentation!
