Consolidated Appropriations Act of 2021
One of the best parts of the Consolidated Appropriations Act of 2021 is the business meal deduction. In the past, business meals were deductible up to 50 % including delivery fees, taxes and tips relating to the meal. They are now 100% deductible for 2021 and 2022 as long as the meal is provided by a restaurant.
Prepare your 2021 Taxes
As you are preparing your 2021 taxes, keep this in mind and break out the meals that were provided by a restaurant. There still needs to be a business reason for the meals or meetings.
For your 2022 expenses, keep good records of where you are eating, who you are eating with and what was the business purpose of the meeting.
This is a win win for both the business owner and the restaurants who are supporting each other as we
come out of this crazy time.
Spotify
Apple Podcasts