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May 2018 Newsletter

Meal and entertainment deduction changes for 2018

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Changing tax laws seems to have become more of the norm than the exception. 

With the sweeping tax law changes that went into effect in 2018, there are a number of changes that impact the tax deductibility of meal and entertainment expenses which are worthy of a discussion. It is important to note that this article deals specifically with business expenses reported on schedule C, not employee expenses reported on form 2106 or schedule A.

Travel, lodging and continuing professional education remain 100 percent tax deductible. It is important to distinguish and maintain separate accounts on the financial statements for travel, lodging and continuing education as well as the three types of meal expenses (100 percent, 50 percent and 0 percent deductible) and other categories discussed throughout this article.

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The Deductr Newsletter is a monthly publication.

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May News & Views 

This month's dish of tax tips, business trends, helpful hints, and humor served fresh right to your inbox!  

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