Meals & Entertainment Expense

... Louisville Ky ... serial entrepreneur ... 1 year ...

I have a question regarding your invite the public, get a bigger deduction on your website: If I am hosting an event ( 3 on 3 basketball tournament) can I deduct the cost of food and liquor for the event?

Thanks,
Matt


Hi Matt,

If the tournament is for invited guests only you may deduct 50% of the cost of the food and drinks.

If the event is open to the public then you may deduct 100% of the cost.

There is more info on this topic in my book Self-employed Tax Solutions .

-- June