CATEGORIES

Categorized | Breaking News

Bill introduced to increase entertainment deduction

A bipartisan bill that would strengthen small business by increasing the amount they can deduct from their federal tax filings for meal and entertainment has been introduced into Congress.

Representatives Dina Titus (D-Nev.) and Pete Olson (R-Texas) have introduced H.R 3952, “Helping Small Businesses Grow and Prosper Act of 2009.” The bill, which currently has seven co-sponsors, would allow small businesses that employ 50 or fewer people to deduct up to 80% of these expenses from their tax filings. Currently, small businesses can deduct only 50% of their meals and entertainment expenses from their taxes.

The bill specifies that to qualify for this deduction, the expense must be either directly related to or associated with business activity. The bill has been referred to the House Committee on Ways and Means.


Leave a Reply