How Can You Deduct 100% Of Your Meal Expenses?
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Here’s an update on the 2022 business meal deduction:

Business owners can deduct 100% of business-related meal expenses when purchased from a restaurant.

The term “restaurant” is a business that sells food for immediate consumption, even if the food is not immediately consumed.

This means you can purchase food to-go from a restaurant and serve it at the office. Therefore, picking up your take-out at the restaurant could yield significant savings.

This also means that grocery stores, specialty food stores, liquor stores, convenience stores, and vending machines that sell prepackaged food do not qualify.

However, if food is purchased from one of these non-restaurant establishments, you can still deduct 50% of the costs.

And, as with all ordinary and necessary business expenses, the meal expenses cannot be lavish or extravagant to qualify for the deduction.

Keep in mind that in 2023, the business meal deduction will revert to pre-2017 rules, making meals more difficult to deduct once again.

In addition to business meal deductions, there are many new tax credits you might qualify for this year.

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