Limitations on the Deductibility of Travel and Entertainment Expenses
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Limitations on the Deductibility of Travel and Entertainment Expenses
Keep in mind that there are limits on the deductibility of certain expenditures for travel, business meals, entertainment activities, and entertainment facilities. For example, there is a 50% deduction limitation for business-related meals, entertainment, and entertainment facilities. In addition, there are special record-keeping requirements imposed on taxpayers claiming deductions for these items. Special rules also apply to deductions for cars and other property used for transportation, foreign travel, and attendance at foreign locations.
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