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The Bottom Line: Deducting Meals and Entertainment Expenditures
Is your shop in compliance?
Partner and Director of Manufacturing, Distribution and Plastics Industry Services,
Mueller Prost
Many shop owners are aware that they may deduct all or a portion of the costs associated with business meals and/or entertainment, but these expenditures are still subject to additional conditions in order for the shop to claim a deduction for federal income tax purposes. Deducting these types of expenditures requires mold shops to jump through additional hoops, and they are then still subject to additional tests and certain limitations.