If you’re dining out for business, you can deduct 50% of those costs.
“To do so, you’ll need to be able to show the amount of each expense, where and when the meal took place, and the business relationship of the person you dined with," Brittany Hamilton, the director of operations at the bookkeeping service Bench Accounting, told Business Insider.
"In other words, unless you’re meeting a client, your daily latte addiction isn’t covered,” she said. “I suggest using an app like Shoeboxed or Expensify, so you can keep track of these expenses throughout the year without holding on to the physical copy.”
It’s also important to note that entertainment expenses are no longer deductible.
“This is a big change, as previously you could deduct 50% of the cost,” Gorman said. “If you think about how the business world works, this will impact a lot of self-employed taxpayers, as you can no longer deduct golf outings, concerts, and sporting events.”