Many call the Tax Cuts and Jobs Act (TCJA) tax reform. As to your tax deduction for the tax-free supper money fringe benefit, the new law reformed you out of 50 percent of your deduction.
Before tax reform, you deducted 100 percent of the supper money cost. After tax reform, your tax deduction for supper money is subject to a 50 percent cut for amounts paid after 2017 and before 2026.
And this gets worse. For supper money costs incurred after January 1, 2026, your supper money tax deduction is zero.
For now, let’s look at your deductions for tax years 2018 through 2025 and how you make the supper money rules work for your employees and you. Yes, you!
As a business owner, you’re an employee eligible for supper money.
To make this deduction work for you, you have to ... Log in to view full article.