The new Congressional stimulus bill has lots of updates, but one of the most exciting updates is that business meals are 100% tax deductible for 2021 and 2022.
In the past, the deduction has been 50%, meaning if the meal was $100, only $50 would be deductible on your annual return.
From January 1, 2021 through December 31, 2022, business meals will be 100% tax deductible, meaning, if you spend $100 on a business meal, you can deduct the full $100 on your annual return.
A meal qualifies if the purpose is business related, and you pay the table’s bill.
Feel free to reach out with any questions.