Have you missed partying and having business meals with your prospects, customers, and employees?

Well, get ready to start again.

Soon, COVID-19 will behind us. It could be just a few short months away.

To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:

 

  Amount Deductible for Tax Years 2021-2022
Description 100% 50% Zero
Restaurant meals with clients and prospects X
Entertainment such as baseball and football games with clients and prospects X
Employee meals for convenience of employer, served by in-house cafeteria X
Employee meals for required business meeting, purchased from a restaurant X
Meal served at chamber of commerce meeting held in a hotel meeting room X
Meal consumed in a fancy restaurant while in overnight business travel status X
Meals cooked by you in your hotel room kitchen while traveling away from home overnight X
Year-end party for employees and spouses X
Golf outing for employees and spouses X
Year-end party for customers, classified as entertainment X
Meals made on premises for general public at marketing presentation X
Team-building recreational event for all employees X
Golf, theater, or football game with your best customer X
Meal with a prospective customer at the country club following your non-deductible round of golf X

 

In summary, we recommend to learn the tax rules and apply them properly for the biggest deduction.

 

Takeaways

If you have questions, don’t hesitate to contact me by scheduling a call, or by emailing at tbender@bender-cpa.com.

 

We specialize in helping clients clarify their taxes so they keep more of their money. Many small business owners who come to see us in Fort Worth, TX generally do not understand the tax law and do not do ANY tax planning.

 

Tatsiana B. Bender
Bender CPA, PLLC
Fort Worth, TX 76107
tbender@bender-cpa.com
Phone: (817) 313-4352
Bender-CPA.com