2023 Business Meal Deduction Updates

In this episode of the Jeff Trapp Podcast, Jeff discusses how the Meal & Entertainment Deduction has changed for 2023. As of this year, the Meal and Entertainment Deduction is no longer 100% deductible. Instead, these types of deductions are limited to 50%. Additionally, entertainment is no longer deductible. Nevertheless, you may still be able to deduct 100% of your meals in certain cases. Therefore, Jeff will explain the meal deduction for 2023 and provide examples of how you can get bigger deductions from certain meal expenses. He’ll also provide some important caveats to avoiding getting into the IRS crosshairs when using these types of deductions. Please like, share, and subscribe if you enjoyed this episode. If you'd like to speak with a member of our tax team about this or any other tax strategy, please visit our website at https://thetaxplanningpros.com/ or give us a call at 469-343-1500.