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Old 05-06-2007   #1 (permalink)
funny
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Default Meals/Entertainment - 50%
Hey guys,

Did you know that meals and entertainment can only be deducted 50% as an expense. Not 100% of the meal can be expensed....

That's not the best case ever, now is it...
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Old 05-09-2007   #2 (permalink)
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Yeah. It sucks. Meals can only be deducted 50%... It makes businesses more frugal on their marketing meals...
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Old 05-14-2007   #3 (permalink)
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Well, consider you have to eat anyway. This is a way for uncle sam to pick up 1/2 the tab. Not so bad IMO.
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Old 05-18-2007   #4 (permalink)
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Uncle Sam doesn't pick up half the tab though. They pick up the tax rate percentage of half the tab...
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Old 05-25-2007   #5 (permalink)
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Yeah, saving the tax off 50% of the tabs is still good.

At a 35% rate, 35% of 50% is still like 18% off.
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Old 05-26-2007   #6 (permalink)
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we are ok with that. in some countries it is zero. be grateful our congress is fat old businessmen
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Old 05-26-2007   #7 (permalink)
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its lucky that here in the middle east we dont have to pay taxes at all...taxes can literally kill your savings..!
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Old 05-27-2007   #8 (permalink)
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yes. i certainly agree. taxes can kill the saving rate of a nation.
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Old 05-28-2007   #9 (permalink)
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The reason they do this is because of all the abuse of the system. People would write off every meal as a business expense when we all know that is not the case. All in all 50% is not a bad deal when you can go see any baseball game and write off half of it as entertaining a client.
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Old 06-20-2007   #10 (permalink)
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The intresting part in some countries is that companies can deduct meals as business expense (partly or wholly) but individuals cannot !!
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