The Twelve Days of Taxmas – Enhanced Meal Deduction
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing important tax insights through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the second day of Taxmas, my accountant gave to me an enhanced business meal deduction.
For the period January 1, 2021, through December 31, 2022, businesses may claim 100% of food and beverage expenses paid to restaurants (if certain conditions are met). This is an increase from the historical 50% allowable deduction. This temporary deduction was introduced in the Consolidated Appropriations Act 2021 to increase economic recovery in the food and beverage industry.
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For additional information on the enhanced meal deduction or to learn more about how Klatzkin can help with another tax-related issue, click here to contact us. We look forward to speaking with you soon.