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 –
“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.
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ABOUT THE AUTHOR: Joe Gallegos has created tax strategies and operating systems for businesses that have saved taxes, increased cash flow, and profits. As the Managing Partner of Tax an Consulting for JAG + Argueta CPA Firm , Joe has taught hundreds of business owners his step-by-step strategies for creating their own success and obtaining more time and more profits. For more profit creating business tips, tactics and strategies, sign up up for our tips here.