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The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% …
Continue reading IRS explains which meals qualify for temporary 100% expense deduction
The IRS said on Friday that amounts paid for personal protective equipment (PPE), including masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 can be treated as amounts paid for medical care under Sec. 213(d) (Announcement 2021-7). As a result, amounts paid by an individual taxpayer for COVID-19 …
Continue reading Amounts paid for personal protective equipment qualify for medical deduction
Are you capturing all the tax benefits built into homeownership? Here are the most common. There are many tax benefits built into home ownership. Here is a review of the most common. It may be worth a quick check to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is …
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