Receipts Are Not Required For Meals & Entertainment Of $75 Or Less

No receipt is required for meals and entertainment expenses of $75 or less. However, you should maintain records or compose a list each year noting:

1. Who you entertained.
2. Where you entertained them.
3. What business was discussed.
4. The cost of the entertainment.

Using this list, you can deduct 50% of the cost incurred. The company should reimburse you by company check for any business meals or entertainment you pay out-of-pocket.