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Plan Now for Increased 2022 Business Meal and Home Office Deductions

by | May 5, 2022 | IRS |

The IRS has provided updated advice that may be useful to business owners who have business meal expenses or who work from home.  Be sure to read the fine print, however, because exceptions apply…

Typically, only 50% of business-related purchases can be deducted. For 2021 and 2022 only, however, 100% of these meals can be deducted if certain criteria are met, including the business owner or an employee is present when the food is delivered/provided, and the meals are purchased through a restaurant (grocery store trips do not count).

There are two ways to deduct expenses for a home office. The regular way includes deducting a percentage of your mortgage, utilities, and insurance expenses based on how much your home office uses. The simplified option allows taxpayers to prescribe a rate of $5.00 per square foot of the home office, with a maximum of deduction of $1,500.

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