NEW: Business Meals are NOW 100% Tax Deductible in 2021!

BIG Tax Update for 2021 - Business Meals are now 100% Deductible!
This is HUGE because the old rule was that you could only deduct 50% of your business meals from your taxable income.
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[@alfascorpio9684]

How do you not have 100's of thousands of views!? I just found your channel and have learned so much! Thank you so much for all the information and explaining it so "simple folk", like me, can understand. Will definitely be recommending your channel to friends and family! Thank you so much again

[@LYFEAccounting]

Hopefully we will have 100's of thousands of views one day, but in the meantime, thank you so much for your feedback :)

[@marcusgilmore4311]

This aged well

[@caljackson6120]

Nice I’m going out to eat soon and talk business of course

[@LYFEAccounting]

Have fun

[@dtsai]

What about single member LLC and S Corps? We can’t eat with any other employees. Can we get take out eat at our desk while working and calling vendors? How about coffee from Dunkin’ Donuts? I used to goto the office and get coffee from kitchen. Did they expense that? Can we expense coffee? Please put in a video so we can get you more views!

[@honmingwong5759]

Perfect. I will eat out everyday

[@LYFEAccounting]

😂😂 for business purposes right?

[@rustyontiveros9226]

So can ANY business type do this? Or do you have to offer some certain service? I own a dog daycare, but I don’t want to take the dogs out to dinner lol

[@LYFEAccounting]

haha, well lets just say if you are meeting with dog owners then you probably can do take it

[@gregfischer3402]

Great video. Thank you

[@LYFEAccounting]

Thanks!

[@tammymitchell4770]

Awesome news, thanks a bunch for the update!

[@LYFEAccounting]

Right, thanks Tammy!

[@raymondezell7817]

I’m A BUSINESS….MANNNNNNNN

[@victorsblog]

Fantastic info. If you have a meal with a business partner (ie. another partner in partnership), can you take the deduction?

[@ginalolo4373]

If I worked for Rideshare companies in 2021, do I have to take these meals deductions while on the go for business? Please clarify. Thanks for your great videos!

[@ramdybrown2249]

How does this work for truck drivers that are 1099?

[@blackjesus963]

So does this basically mean I can eat for free with my business?

[@ProzGamer1]

What is the max amount of money you can deduct from your tax return?

[@monsieur420]

what about for delivery drivers

[@afrajanarious6799]

really helpful video, thank you

[@ariah5093]

Does this apply to individual taxpayers?

[@ariah5093]

I'm unsure how this all works because I'm so new to my tax course. But does that mean if I'm working on business premises, I can exclude the amount of money I spend at their restaurants? As an employee, I already get 50% off, but working at an amusement park, I'm confined to the location. Sooo. Does that mean I can total up all my expenses at their restaurants and get it excluded?

[@ariah5093]

One more question: suppose an employee bakes as a hobby and brings baked goods to work every Friday for the other employees to eat. Is that cost tax deductible/exempt?

[@dbarrientos6037]

This used to be a red flag audit so it’s great

[@seanstandberry4961]

This is HUGE

[@LYFEAccounting]

Definitely!

[@nicolebewinning6310]

So i can’t write it off for myself (my own meal) - I own an LLC with no employees currently lol

[@luisafuentes1244]

I do have the same question, single member LLC and everyday but meals because I can’t go home and eat im here from 8 to 8 can those be deducted?

[@cinemalions983]

Thanks bro!

[@rtanaka]

Nice update. Thanks

[@LYFEAccounting]

No problem 👍

[@thestandberrys2519]

Ooo it's time to eat!!

[@LYFEAccounting]

Yummmy

[@YungLuiis]

Does this also apply to independent contractors that buy their lunch while at work

[@spxlazy]

yes it does

[@jonathanstokesbey1296]

Thanks Donald Trump

[@LYFEAccounting]

Why do you say that?