By Your Front eOffice
Tax season can be a significant source of stress for many small business owners. The sheer volume of paperwork, the pressure to meet deadlines, and the fear of making costly mistakes can make it a daunting period. However, by dedicating just one hour a month to tax preparation, you can significantly reduce this stress and ensure you’re always ahead of the game.
MoreEarlier this year, the Treasury Department and the Internal Revenue Service(IRS) issued Notice 2021-25, which added a temporary exemption to the 50% limit on the amount of food and beverage deductions a business can have.
January 1, 2021 – December 31, 2022, 100% of food and beverage expenses can be claimed by a business, provided that the business owner, or an employee, is present when food or beverages were provided, and the expense is “not lavish or extravagant under the circumstances.”
