Day: January 5, 2021

Covid Relief Gives You Something to Whet Your Appetite

7 min read

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Now that President Trump signed the new Covid relief bill during the holiday break, it’s not surprising to see that everyone is focused on the provisions for the , unemployment benefits and stimulus checks. However, it’s important to take notice of a hidden gem in the 5,500-page legislation that will undoubtedly help every owner in , no matter what their situation may be.

That little gem is the dining write-off, otherwise known as the business-meals deduction.

Yes, had countless problems to solve due to the pandemic, but one that was obvious to everyone was the severely impacted, if not decimated, industry. So politicians, in their infinite wisdom, decided that the best way to get more business for restaurants was to dish out a bigger incentive for business owners to dine in or order out. Or in other words, a tax deduction — and a whopper at that.

Thus, the has directed the to allow for a 100% dining write-off for business owners when ordering from restaurants for tax years 2021 and 2022. 

On the face of it, the provision sounds pretty straightforward, but there’s actually a lot to chew on….

Related: New Stimulus Bill

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