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% | 0% |
| Restaurant Meals with Clients and Prospects | X | ||
| Entertainment such as baseball and football games with Clients and Prospects | X | ||
| Employee meals for the convenience of Employer, served by the in-house cafeteria | X | ||
| Employee meals for a required business meeting, purchased from a restaurant | X | ||
| Meal served at the chamber of commerce meeting held in a hotel meeting room | X | ||
| Meal consumed in a fancy restaurant while in overnight business travel status | X | ||
| A meal 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 | X | ||
| Meals made on-premises for the general public at a 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 | ||
Takeaways
The table in this article gives you a usable helicopter view of how the rules set various meals and entertainment tax deductions for 2021 and 2022.
