Meals and entertainment have long been used as marketing tools by both big and small businesses. For many, they’re a legitimate business expense. But the Internal Revenue Service rules regarding deducting these expenses have changed over the decades.
It’s essential to know the current rules for the tax year 2022. This lets you take the deductions you’re allowed. But knowing how IRS deductions will change for the tax year 2023 also allows you to plan expenses. What are the differences between these years when it comes to deductions? And should you make changes now to accommodate these rule changes?
