Sentences with phrase «standard meal allowances»

Although the IRS permits standard meal allowances and entertainment expenses, it's always a good idea to know exactly how much you have paid and how much you can deduct.

The biggest disadvantage is that the standard meal allowances are not very generous.

While traveling overnight for business you may deduct either the actual meal expense or the IRS approved per diem — the standard meal allowance.

For meals, there is an alternative, which is deducting 50 % of the standard meal allowance.

The advantage to using the standard meal allowance is that records don't have to be kept of actual meal expenses, although records do have to be kept to prove the time, place and business purpose of your travel.

Not exact matches

When it comes to that 50 percent limit on meals, everyone traveling away from home for any length of time may deduct half of the per diem allowance or «Standard Meal Allowance» (SMA), rather than half of the actual cost of meals, laundry, cleaning and tips.