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:
|Description||100% Deductible||50% Deductible||Not Deductible|
|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|
If you have a question about these deductions or any other tax matter, please contact us today!