Hi,
If you're self employed or run a business, this is for you...
This is just a reminder that all business meals and drinks are 100% tax deductible in 2022. As of now, this is the last year you can take a 100% deduction for business meals.
In order to qualify:
The purpose of the meal has to be business related. You have to take a client out, a prospective client out, a business associate out, an employee out, etc. Also, if your partner or spouse works with you in your business and the two of you go out to eat, that meal can qualify for the deduction.
The expense also has to be an ordinary and necessary expense. All that really means is don't overspend. Buy 2 beers instead of 10.
Lastly, you have to pick up the table's bill.
Let me know if you have questions. Thanks.