Meal Deductions Can Be Tricky!

Are you up-to-date on what the IRS allows for meal tax deductions? Here's an example: " 50% limit on meals. You can figure your meal expenses

using either of the following methods.

• Actual cost.

• The standard meal allowance.

Both of these methods are explained below. But, regardless of the method you use, you can generally deduct only

50% of the unreimbursed cost of your meals.

If you are reimbursed for the cost of your meals, how

you apply the 50% limit depends on whether your employer's reimbursement plan was accountable or nonaccountable. If you aren’t reimbursed, the 50% limit applies even if

the unreimbursed meal expense is for business travel." It's worthwhile to check out IRS Publication 463

https://www.irs.gov/pub/irs-prior/p463--2023.pdf

Contact me today for any questions. A pro bookkeeper can help keep you in compliance.

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