Are my meals while working 100% deductible for the 2023 tax year?
I use intuit Quickbooks self employed which allows 100% deduction of meals purchased while working however a CPA reviewed my quick books and stated there is only a 50% allowance on meals, and now I owe the federal governments thousands in back taxes, can you please help to clarify this for me?
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Great question!
Qualified business meals purchased from a restaurant in 2021 and 2022 are 100% deductible. However, for purchases made in 2023 and beyond, the rules established in the Tax Cuts and Jobs Act apply, which means restaurant expenses are once again subject to the 50% limit on deductibility.
Unless of course, the law changes, again.
Best wishes,
teri
Here is some general information regarding meal deduction and the related IRS Publications that can help you out with determining just how much of the meal expenses are deductible.
Hello Taylor:
Tax laws are evolving - to claim 100% you must meet the following:
Here are further details: https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/types-meal-entert...
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