Update on 100 Percent Meals Deduction for Contractors

Construction contractors and other taxpayers can maximize year-end tax planning with the 100% meals deduction, which will be reduced to 50% on January 1, 2023.

2022-12-12T14:25:08-05:00December 12, 2022|Categories: Construction and Real Estate|Tags: , |

Business Meals Are Still Deductible

Prior to the enactment of the TCJA, there was no need to break out meals and entertainment, as they were both 50 percent deductible; however, the new law repealed all deductions for entertainment, amusement, and recreation, regardless of whether they have a business purpose. Defining the line between meals and entertainment became critical to determining deductibility but guidance on this was limited. We’ve received some instruction and we have some good news to share!

2021-05-06T15:42:46-04:00December 5, 2018|Categories: Accounting, Tax: Business|Tags: , |
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