This Expense Is Now 100% Deductible

The IRS Is Making This Expense 100% Deductible

Don’t be surprised if you have not heard about this recent tax change related to this enhanced business deduction. With all of the news around some of the bigger stimulus programs. This obscure change is being swept under the rug.

Yes, amazingly –

It’s also true that in 2021 ALL BUSINESS MEALS are deductible:

Business meals at a restaurant are now fully tax deductible — at least for the next two years. To promote increased business spending at restaurants, the “Consolidated Appropriations Act, 2021” directed the IRS to increase the deduction from 50% to 100% of the cost of food and beverages provided by a restaurant”

Back in 2017, when the deduction for business meals was previously limited, a lot of business owners have been cutting back on these types of expenses.

Now that this has changed, you should definitely support your local businesses and don’t forget to DEDUCT it.

The benefit of deducting your business meals equates to about a 20-39.6% discount on your meal depending on what your tax rate is.

I know, tax code has been changing a lot lately (maybe, that’s why they call it the tax code)… but that’s why we’re the place for prosperity, always keeping you up to date on the latest and greatest tax strategies and updates.

Because of all the changes happening, it’s urgent to stay up to date with changes in the tax code that can significantly impact your bottom line.

If you are someone who wants to decrease taxes, then you should sign up for our monthly e-letter here.

By subscribing, you will stay up to date with changes in the tax code that can positively grow your bottom line.

You can also request free resources which you can find here.

There, you will find resources from tax reduction strategies to exiting a business.

Sign up today and you’ll get access to some of top strategies. The way I look at it, the longer you wait to to get on those tax saving strategies, the less money you’ll have to invest in your business, retirement, or family.

To get started, just subscribe here .

ABOUT THE AUTHOR: Joe Gallegos has created tax strategies and operating systems for businesses that have saved taxes, increased cash flow, and profits. As the Managing Partner of Tax an Consulting for JAG + Argueta CPA Firm , Joe has taught hundreds of business owners his step-by-step strategies for creating their own success and obtaining more time and more profits. For more profit creating business tips, tactics and strategies, sign up up for our tips here.

 

 

 

 

 

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