entertainment deduction


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Noun1.entertainment deduction - deduction allowed for some (limited) kinds of entertainment for business purposes
business deduction - tax write-off for expenses of doing business
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9625) to clarify a portion of the 50% meals and entertainment deduction under Sec.
Small firms use the meals and entertainment deduction as their primary marketing tool.
For purposes of applying the high-low method to the IRC [section] 274(n) meals and entertainment deduction limitation, $58 of the high-cost rate or $45 of the low-cost rate is treated as paid for meals.
Finally, a bill was introduced to gradually increase the business meals and entertainment deduction to 80% for small businesses.
However, the more common scenario is that a taxpayer determines on its original return an amount for the meal and entertainment deduction based on an item-by-item determination (periodically through the year and totaled at year-end), and the Service then samples that total statistically.

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