Back in 2020, the Consolidated Appropriations Act (CAA) was signed in an effort to support restaurants impacted by the COVID-19 pandemic, and it allowed companies to deduct 100% of business expenses. However, the CAA ended on January 1, 2023, and now meal and entertainment deductions have reverted to the limits enacted under the Tax Cuts and Jobs Act (TCJA). For tax year 2023, a large percentage of business meal deductions will be 50% deductible, but entertainment deductions remain non-deducible under TCJA.
Author: Traci Crabtree
Looking Ahead to 2023 Taxes
With the holiday celebrations coming to an end, now is the time to take a look at the changes that will impact your 2023 taxes when you file them in 2024.
Year-End Tax Planning Services in Dallas
As we enter the last quarter of 2022, year-end tax planning services in Dallas are a top priority. There are steps you need to take for year-end tax planning before December 31st in order to take advantage of any tax breaks for which you may qualify. The amount of taxes you or your business will need to pay in April directly corresponds to the financial decisions you make now. If you wait too long to get started on your 2022 taxes, it will be too late to make any changes.