meals and expenses Archives - BeachFleischman CPAs

Businesses must navigate year-end tax planning with new tax laws potentially on the horizon

November 12, 2021 November 22, 2021 Daliah Bui Tax Bites BBBA, meals and expenses, Section 179 expensing, TCJA

Allocating year-end tax planning time now can prove beneficial come tax filing time next year.

Many tax amounts affecting businesses have increased for 2021

February 9, 2021 October 6, 2021 Tax Department Financial & Professional Services, Tax Bites business tax, meals and expenses, retirement plan contributions, Section 179, social security, tax, tax deductions

How much do your employees have to earn in 2021 before they can stop paying Social Security tax? How much can they contribute to 401(k) plans this year? Here are the answers to these and other questions about tax-related inflation adjustments and changes affecting businesses.

How Congress is Planning to Rescue Restaurants Through Tax Deductions

February 5, 2021 March 19, 2021 Benjamin Schutt Hospitality, Tax Bites CAA, CARES, COVID-19, deductible expenses, meals and expenses, restaurants, tax deductions

Lawmakers seek to tweak an existing business deduction to boost the restaurant industry’s bottom line and put thousands back to work.

100% Deduction for Certain M&E Expenses!

May 6, 2015 Tax Department Tax Bites deductions, M&E, meals and expenses, tax

Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace primarily for employees, Treated as employee compensation, That are excludable from employees’ income as de minimis fringe benefits, For recreational or social activities for employees,[ … ]