Bookkeeping, Management, Small Business, Tax, tax planning
What is a deductible meal expense in 2023? #smallbusiness #tax2023 #entreprenuership
Changes to Business Meal Deduction Explained
The article provides insights into the modifications made to the business meal deduction for the upcoming years.
What’s the Deal with Business Meal Deductions?
If you’re a business owner, you might be wondering about the changes to the business meal deduction. In the past, you could deduct 100% of the cost of business meals in restaurants. But now, the deduction is only 50%. This change was made in 2021 and will continue into 2023 and beyond.
What About Business-Generating Entertainment Deductions?
The Tax Cuts and Jobs Act also eliminated many business-generating entertainment deductions. This means that you can no longer deduct the costs associated with playing golf with customers and prospects, for example.
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