I thought I'd share some good news as it seemingly "feels" like we might be seeing some improvements of our current COVID-19 protocols that would allow us to venture toward our more "normal" business activities that will now be more conducive to connecting with our Customers again.
When you know the rules, Business Entertainment and “Employee Entertainment” costs are allowed to be tax-deductible.
The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction.
To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:
Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
As a subscriber (member), you know that we try to find multiple ways for you to legally deduct 100 percent of your business meal expenses versus the typical 50 percent.
Now, thanks to a new law enacted December 27, 2020, new IRS regulations, and a new IRS notice (yep, all three are new), you have fresh opportunities for writing off 100 percent of your business meals.
For 2021 and 2022, you can deduct 100 percent of your business meals by paying attention to a few new, easy rules.
We’ll explain how this new, ...