Generally, business meal and entertainment expenses are only 80 percent deductible.

For Wall Street the business meal of choice these days is dinner, and the earlier the better.

Current law allows a write-off of 50 percent on a business meal.

Until 1986, 100 percent of business meals could be deducted from Federal income taxes.

She tried to impress on students that business meals "aren't really about eating."

What will happen if the deduction for business meals is cut to 50 percent from 80 percent by Congress?

I'm the employer, you're the employee, and this is a business meal.

In the second change, only 50 percent of business meal and entertainment expenses will be deductible next year.

But the lawmakers also felt that business meals and entertainment include a measure of personal benefit.

So Congress decided to limit the deduction for business meals and entertainment to 80 percent.