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2023 Meals and Entertainment
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Are you aware of the changes to the business meal deduction for the year 2023 and beyond? If not, you could be missing out on important information that could impact your business.
The deduction for business meals has changed to only 50 percent, which is a significant difference from the previous 100 percent deduction for business meals in and from restaurants.
Additionally, many business-generating entertainment deductions have been eliminated by the Tax Cuts and Jobs Act, such as the costs associated with playing golf with customers and prospects.
To help you better understand the current situation, we have created a valuable resource:
A table outlining what is now permissible
under the law for 2023 and beyond.
This table covers a range of scenarios related to business meals and entertainment, including employee meals served by an in-house cafeteria, meals purchased from a restaurant for required business meetings, and meals consumed while in overnight business travel status.
The table also shows non-deductible expenses, such as meals with prospective customers following non-deductible rounds of golf.
Additionally, the table shows some 100 percent deductible entertainment expenses, such as team-building recreational events for all employees and non-deductible outings with best customers, including golf, theater, or football games.
This helicopter view of 2023 Meals and Entertainment is a
valuable summary resource that you won’t want to miss.
It will help you better understand the new regulations and make informed decisions about your business meals and entertainment expenses.
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Helicopter View of
2023 Meals and Entertainment