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Money with Michael

Deductibility of Meals

Article by Michael Solomon

Photography by Waterbear Photography- Kimber Greenwood

Originally published in Gainesville City Lifestyle

During covid, a business could reduce their taxable income by 100% of the cost of a meal at a sit-down location. That provision has since lapsed and now meals have returned to only being 50% deductible. The only categories that are 100% deductible are:

·       Food offered to the public for free.

·       Meals sold to a client/customer.

·       Meals included as taxable compensation.

·       Office party meals.

  • Michael Solomon. Owner Accounting Personalized