J.K. Lasser's Small Business Taxes 2023

CHAPTER 8Travel, Meals, and Gift Expenses

• Local Transportation Costs
• Travel within the United States
• Foreign Travel
• Conventions
• Living Away from Home on Temporary Assignments
• Meal and Entertainment Expenses
• Business Gifts
• Reimbursement Arrangements
• Recordkeeping Requirements

Alert

At the time this book was published, Congress was considering tax changes that could affect 2022 tax returns and planning for 2023. Check the online Supplement in February 2023 at www.jklasser.com or www.BigIdeasForSmallBusiness.com to see what changes have been enacted and when they become effective.

Technology has enabled small business owners to market their goods and services in a manner similar to that of larger companies and expand beyond the general area in which their office are located. To service these expanding markets, remote meetings via Zoom or otherwise may not be sufficient. You may have to travel to see clients, customers, vendors, suppliers, and others who are part of your business operations. If you do, you may be able to deduct a number of expenses.

Entertainment costs for clients, customers, vendors, and other business associates are not deductible, but wining and dining such people remains deductible as long as certain conditions are met. The ban on deducting entertainment costs does not apply to office‐related events. Also, the cost of business gifts is deductible up to a set limit.

For further information about travel costs, see IRS Publication 463, Travel, ...