Are entertainment expenses tax deductible for C Corporations?
No, entertainment expenses are no longer deductible. A company is allowed to deduct 50% of the business meals as long as they meet certain requirements. Prior to the 2017 TCJA, C Corporations were able to deduct 50% of their entertainment expenses.
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Are charitable donations tax deductible for C Corporations?
Yes, but with certain limitations. C Corporations can deduct contributions to qualified charitable organizations, but the deduction is limited to 10% of the corporation’s taxable income.
Are penalties or illegal activity fines tax deductible for a C corporation
No, penalties and illegal activities will not be deductible for C Corps.
Are political and lobbying expenses tax deductible for a C corporation?
No. Payment submitted to a political party, or those made for lobbying support, will not be deductible for C Corps.