Tax Insights – Live Event Ticket Deductions

Taking current or potential business associates to a football game, concert, musical or other live event helps develop and sustain business relationships. The Internal Revenue Code (IRC) acknowledges the legitimacy of treating ticket costs for such activities as tax-deductible business expenses.

Individuals or organizations seeking to claim such costs, however, need to be aware of IRC provisions that define the percentage of expense that may be claimed, the circumstances in which such deductions may be claimed, and the substantiation processes employees and employers must follow when claiming such deductions.

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