Business and Travel Entertainment
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Business and Travel Entertainment
The total amount of most miscellaneous itemized deductions claimed on Schedule A of Form 1040 must be reduced by 2% of your adjusted gross income. In other words, you can claim the amount of expenses that is more than 2% of your adjusted gross income. Generally, only 50% of the amount spent for business meals (including meals away from home overnight on business) and entertainment will be deductible. This limit must be applied before arriving at the amount subject to the 2% floor.
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