As you may already know, there have been some significant changes to the business meal deduction for 2023 and beyond. The deduction for business meals has been reduced to 50 percent, a significant change from the previous 100 percent deduction for business meals in and from restaurants, which was applicable only for the years 2021 and 2022.
To help you better understand the current situation, see the table below:
We hope the table above provides a valuable summary resource for you. If you have any questions about how this may impact your business tax strategy, please schedule a free consultation.