- It is ordinary and necessary for your industry.
= common, appropriate and helpful
This doesn’t mean that the meal is required or indispensable. - It is not lavish or extravagant for the business’s industry.
= reasonable based on facts and circumstances
This doesn’t mean a specific dollar threshold. - The taxpayer is present at the meal.
= the business owner or an employee representing the business
This doesn’t mean that the business owner has to be at the table. - The meal is shared with a guest that you have a business relationship with.
= your guest is a current or potential client, customer, consultant or employee
This doesn’t mean the meal eaten at your desk while on a call with a client. - The meal has a business purpose.
= you discuss projects and possibilities, negotiate or present information
This doesn’t mean weekly get-togethers with a friend that is also a colleague. - A receipt is retained. The picture above shows a receipt that has captured it all.
= the date, location and detail of all items purchased and the tip paid
This doesn’t mean a credit card statement.
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