What You Need to Know About Business Meal Deductions
This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.” However, differentiating between business entertainment and meals required more guidance. In short, proper documentation such as the amount of the expense, date, location, and purpose must be included. Be sure to check out this link for more information and further details!
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