Business Meals 100% Deductible!

In the past, business meals have been 50% deductible. With the new COVID relief bill passed this week, this expanded to 100% for 2021 and 2022.

The criteria to be considered a business meal have not changed. the meals cannot be lavish or extravagant, you or one employee must be present, and the meal must be with a prospective customer / client / supporter / partner / employee / agent / etc. Entertainment is still not deductible and any meals that you wish to claim at an entertainment even must be billed separately on a separate invoice or receipt to be claimed.

Make sure to save your receipt as well as a note describing the nature of the meal, who you were with, and what was discussed.

Any opinions, recommendations and tips offered on this site or other social media forums does not constitute individual tax or accounting advice. This content is designed to provide education and awareness about financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Shannon or Fitnancial Solutions, LLC.

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