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Schedule A is an Internal Revenue Service (IRS) tax form to list itemized deductions when filing taxes. Itemized deductions reduce your taxable income. Filers can choose between either the standard deduction or itemized deduction.

Ing to the Consolidated Appropriations Act, food and beverages are 100% deductible, as long as they are purchased from a restaurant. Certain conditions at the restaurant will have to apply as well. For example, business-related meals cannot be "lavish and/or extravagant" for the deduction to apply.

The deduction for unreimbursed non-entertainment-related business meals is generally subject to a 50% limitation. You generally can't deduct meal expenses unless you (or your employee) are present at the furnishing of the food or beverages and such expense is not lavish or extravagant under the circumstances.

Taxes. The deduction for state and local taxes is generally limited to $10,000 ($5,000 if married filing separately). State and lo- cal taxes subject to this limit are the tax- es that you include on lines 5a, 5b, and 5c. state or local tax credit.

And while the IRS does not maintain a list of approved restaurants, expenses should be ordinary and reasonable for the circumstances. It's always recommended to document the date, total cost, name of restaurant, purpose, and who attended the meeting. Receipts must be kept for meals above $75.

Itemizing requirements Enter your expenses on the appropriate lines of Schedule A. Add them up. Copy the total amount to the second page of your Form 1040. This amount is then subtracted from your income to arrive at the final taxable income number.

Keeping records for your business meals For the IRS, bank and credit card statements are good enough. Just in case you're audited, you should also have digital breadcrumbs proving your meals were actual business expenses ? a calendar event, an email thread, some notes from your discussion.

The IRS requires that all meal expenditures must document the following information (regardless of cost): List of attendees (self if alone) The business purpose of the meal (topic of discussion) The cost (supported by receipt)