How are "Meals & Entertainment" tracked in GoDaddy Bookkeeping?

The IRS states that meals and other similar events can be deducted as expenses for 50% of the total cost. GoDaddy Bookkeeping takes this into account when displaying report and tax data.

You should enter the full amount for any transactions in this category.  GoDaddy Bookkeeping will automatically count only 50% of the total amount when calculating tax liability, but will display the full amount in other reports. We have it set up this way so you can still get the right amount on your Schedule C, but you can see the full amount for comparing spending/cash flow habits in your reports.

Learn more about the IRS’s regulations for this category here.

 

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