The business meal deduction was cut to 80% of the cost in 1986,6then to 50% of the cost, effective Jan. 1, 1994.7(For 2021 and 2022, the deduction is 100% for meals purchased from a restaurant.8) Over 56 years after President John F. Kennedy denounced the tax deductibility of busine...
There is a specific statement that needs to be attached (details in the Revenue Procedure) to the tax return in order for a taxpayer to take the deduction, so taxpayers taking advantage of this safe harbor should be aware of this to ensure deductibility. What You Need to Know Members of C...