New Tax Laws REQUIRES A Bite Out Of The Meals & Transportation And Entertainment Deductions 1

New Tax Laws REQUIRES A Bite Out Of The Meals & Transportation And Entertainment Deductions

Tax reform rules commonly known as H.R. 1-Tax Cuts and Jobs Act of 2017 have transformed the deductibility of certain meals, entertainment, and transportation expenses. Prior to 2018, a taxpayer could deduct 50 percent of business meals and entertainment and 100 percent of meals provided through an in-house cafeteria or meals provided for the convenience of the employer (i.e., de minimis fringe benefit).

Under the new regulation, january 1 effective, 2018, entertainment is no longer deductible and meals provided via an in-house cafeteria or for the convenience of the employer are at the mercy of the 50 percent restriction. For tax years after 2025, foods provided through in-house cafeteria or for the convenience of the employer will not be deductible at all. Planning tip: Maximize tax deductions and save time on tax preparation by establishing separate general ledger accounts for business meals (50 percent deductible), entertainment (nondeductible), and recreational/social employee expenses (100 percent deductible).

The new rules addresses transportation 2 times. It disallows a deduction for the trouble of any experienced transportation fringe advantage provided to an employee of the taxpayer. Qualified transportation fringe benefits include transportation in connection with travel between your worker’s home and job, any transit goes by and qualified parking. Qualified car parking means car parking provided to an employee on or near the business premises of the employer or on or near a mass transit place.

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