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Holly took a prospective client to dinner, and after agreeing to a business deal, they went to the theater. Holly paid $320 for the meal and separately paid $238 for the theater tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense

Sagot :

jepessoa

Answer:

The Tax Cuts and Jobs Act changed how meals and entertainment can be deducted:

The C.O.V.I.D Relief Bill allows businesses to deduct up to 100% of the cost of business meals (regularly it would be 50% only) = $320

But entertainment is not deductible, so $0

total deduction (for 2020) = $320

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