In 2023, Tom is an insurance agent and small business advisor. He takes one of his clients to a college basketball game to guide him in a business transaction and sell him an insurance policy. Tom spends $200 buying tickets for himself and his client. Additionally, Tom spends $50 to buy his client dinner at a restaurant before the game. Dinner is purchased separately from the cost of tickets. How much can Tom deduct on his income tax return for his food and entertainment expenses?

Answer rating: 100% (QA)

For tax purposes Tom can deduct a portion of his food and entertainment expenses The deductibl... View the full answer