Ask Question
1 March, 17:24

Which of the following statements is correct regarding the deductibility of meals when a taxpayer is traveling for business?.

The cost of meals is NOT deductible because a taxpayer would have to eat whether they were home or away from home.

The cost of meals is fully deductible if the taxpayer is away from home overnight.

Fifty percent of the cost of meals is deductible only if there is a business associate with the taxpayer ...

Fifty percent of the cost of meals is deductible if the taxpayer is going to be away from home overnight

+4
Answers (1)
  1. 1 March, 19:38
    0
    Answer: Fifty percent of the cost of meals is deductible if the taxpayer is going to be away from home overnight

    Explanation:

    According to the IRS (internal revenue system) an employee is provided with a 50% deductibility in meal if it is ordinary and necessary and if you are present during the meal. This is treated as business expense by the employer.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which of the following statements is correct regarding the deductibility of meals when a taxpayer is traveling for business?. The cost of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers