Wish you could deduct more than 50% of your business lunch? Congressman Neil Abercrombie of Hawaii has introduced a bill in Congress to raise the deductible amount of your business meals from 50% to 80%. This would be a real boon for those of us that meet clients at the local coffee shop for a business meeting! I’m sure the coffee shop owners of this country wouldn’t mind the extra business!
According to the National Restaurant Association, the bill could boost business meal sales by $6 billion a year. Bringing back the economy, one turkey ciabatta at a time …. !
For more details, see the proposed legislation, H.R. 3333.
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.