The IRS Is Making This Expense 100% Deductible
Don’t be surprised if you have not heard about this recent tax change related to this enhanced business deduction. With all of the news around some of the bigger stimulus programs. This obscure change is being swept under the rug.
Yes, amazingly –
It’s also true that in 2021 ALL BUSINESS MEALS are deductible:
“Business meals at a restaurant are now fully tax deductible — at least for the next two years. To promote increased business spending at restaurants, the “Consolidated Appropriations Act, 2021” directed the IRS to increase the deduction from 50% to 100% of the cost of food and beverages provided by a restaurant”
Back in 2017, when the deduction for business meals was previously limited, a lot of business owners have been cutting back on these types of expenses.
Now that this has changed, you should definitely support your local businesses and don’t forget to DEDUCT it.
The benefit of deducting your business meals equates to about a 20-39.6% discount on your meal depending on what your tax rate is.
I know, tax code has been changing a lot lately (maybe, that’s why they call it the tax code)… but that’s why we’re the place for prosperity, always keeping you up to date on the latest and greatest tax strategies and updates.
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Joe Gallegos, CPA/CVA
Partner-in-Charge · JAG CPA & Co.
Author of The Ultimate Guide to Choosing a CPA
THE HOUSTON CPA
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Business tax planning · Cash flow · Business valuation · Advisory
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