The latest on allowable business deductions
For tax years 2021 and 2022, business meals purchased from or consumed in a restaurant have a temporary deduction of 100% (the regulations call for a 50% deduction for business meals).
The following chart provides a snapshot of allowable business deductions:
Amount deductible for tax years 2021-2022
Contact our office for assistance in correctly tracking your business meal expenses to facilitate the preparation of the 2021 return.