The article discusses changes to the business meal deduction for the year 2023 and beyond.
As of now, the deduction for business meals is only 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.
Additionally, many business-generating entertainment deductions were eliminated by the Tax Cuts and Jobs Act, such as the costs associated with playing golf with customers and prospects.
To help you better understand the current situation, see the table below outlining what is now permissible under the law for 2023 and beyond.
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