Have you missed partying and having business meals with your prospects, customers, and employees?

Well, get ready to start again. Soon, COVID-19 will 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

Description

100%

50%

Zero

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 678-566-3711.

 

Sincerely,

 

 

James A. Daniel, CFP®, CFA, CMT, EA

The Advisory Firm, LLC

12600 Deerfield Pkwy, Suite 100

Alpharetta, GA 30004

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