When it comes to tax planning for your business, understanding the ins and outs of deductions can significantly impact your bottom line. One popular deduction that many business owners have utilized in the past is the meals and entertainment tax deduction. However, recent changes in tax laws have altered the landscape for these deductions.
Under the Trump tax plan, the value of the meals and entertainment tax deduction was cut by 50% in 2023. This means that business owners and self-employed individuals can now only deduct 50% of their eligible expenses related to meals and entertainment.
