IRS Publication 463: Travel, Entertainment, Gift, And Car Expenses

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DEFINITION

A document published by the Internal Revenue Service that provides details on which business expenses may be deducted from individual or self-employment tax obligations. Deductions for travel, entertainment, gifts or transportation-related expenses are available for items considered to be ordinary (accepted as common in a particular business) and necessary (helpful or appropriate for a particular business).






INVESTOPEDIA EXPLAINS

IRS Publication 463 is not for corporations, partnerships, trusts or employers who reimburse their employees for business expenses. The document is for employees who were not fully reimbursed for all business-related expenses.




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