For business travel, are there limits on the amounts deductible for meals?

Meal expenses are deductible only if your travel requires you to be away from home overnight or if the meal is business-related entertainment.

You can figure all your travel meal expenses using either of the following methods:

  1. Actual cost. If you use this method, you must keep records of your actual cost.
  2. The standard meal allowance which is the federal M&IE rate. These rates are listed in Publication 1542.

The deduction for unreimbursed business meals is generally subject to a 50% limitation.