The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual business meal deduction of 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). So,
If you’re claiming deductions for business meals or auto expenses, be sure to follow best practices for business expenses.
Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), including business meal deduction and PPP loan forgiveness changes.
One of the tax breaks that President Trump has proposed to help restaurants is an increase in the amount allowed for business meal and entertainment deductions.