Need help looking for a post

[Sonny]

I need a little help searching for a post on TPF. I've searched for about 30 minutes and I cannot find what I'm looking for.

You'll have to forgive me but my memory is bad and I'm trying to piece together details. A while back a forum member posted a thread talking about small business could deduct up to 50% of expenses (or something of that nature). I'm not sure if that is exactly correct. As far as I can remember there were no links provided to verify this information. Tax time is around the corner and I wanted to read up on this some more.

Thanks in advance,
-Sonny

[LoungeLizard]

Sonny, as always - consult with an accountant.

A business can write off any and all expenses 100% related to carrying out their business. The 50% thing comes into play with meals. You may only write off 50% of the cost of meals. Under certain situations, you can write off the entire cost - but this is more along the lines of entertaining (e.g., you rent a restaurant to throw a party for clients.)

Again, consult with an attorney or the tax form instructions for 100% accurate information. I'm older than you, so my memory is worse!