Have you missed partying and having business meals with your prospects, customers, and employees?
Well, get ready to start again. Soon, COVID-19 will be 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 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 any questions on this chart, please call me on my direct line at 804-625-8061 or schedule an advisory session on my calendar.
You can also reach out directly here.