The answer to this question is both yes and no, depending on the situation.
Generally, business meals are 50% deductible on federal income taxes. This is because the IRS considers meals to be a “necessity” for conducting business and therefore allows businesses to deduct half of their cost for meals consumed while traveling for business.
However, there are certain restrictions that must be taken into consideration when determining whether or not a meal can be deducted as a legitimate business expense. For example, if the meal was consumed in an entertainment setting such as a restaurant or bar, then it would not be considered deductible. Additionally, the meal must have been purchased solely for business purposes in order to be considered deductible.
In addition to these restrictions, there are other factors that can affect how much of the meal is deductible. For instance, if you are traveling with someone who is not employed by your company and you choose to split the cost of the meal, then only half of the cost will be deductible. Furthermore, if you choose to pay for someone else’s meal while traveling for business purposes (such as an employee or customer), then only half of that cost will also be deductible.
Conclusion:
Overall, meals consumed while traveling for business purposes can often be partially deducted on your federal income taxes. However, there are certain restrictions that must be taken into consideration before claiming any deductions.
It is important to remember that only half of the cost of any meals purchased in an entertainment setting or with someone who is not employed by your company will be deductible. Additionally, if you choose to pay for someone else’s meal while traveling for business purposes then only half of that cost will also be deductible.