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|
|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|
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.