๐Ÿ๐ŸŽ๐ŸŽ% ๐“๐„๐Œ๐๐Ž๐‘๐€๐‘๐˜ ๐๐”๐’๐ˆ๐๐„๐’๐’ ๐Œ๐„๐€๐‹ ๐ƒ๐„๐ƒ๐”๐‚๐“๐ˆ๐Ž๐ ๐†๐”๐ˆ๐ƒ๐€๐๐‚๐„ ๐„๐—๐๐‹๐€๐ˆ๐๐„๐ƒ (๐Ÿ’/๐Ÿ๐Ÿ/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

The IRS has provided guidance on the temporary 100-percent deduction for food or beverage expenses that are paid or incurred after December 31, 2020, and before January 1, 2023 provided by a restaurant. The guidance also explains when the temporary 100-percent deduction applies and when the 50-percent limitation applies.

The 100% deduction applies to any expense paid or incurred after December 31, 2020, and before January 1, 2023, for food or beverages provided by a restaurant. And a โ€œrestaurantโ€ is a business that prepares and sells food or beverages to retail customers for immediate consumption, regardless of whether the food or beverages are consumed on the businessโ€™s premises.

But, a restaurant does not include a business that primarily sells pre-packaged food or beverages not for immediate consumption, such as a grocery store; specialty food store; beer, wine, or liquor store; drug store; convenience store; newsstand; or a vending machine or kiosk. The 50% limitation generally applies to such expenses.

For more info, see https://www.irs.gov/pub/irs-drop/n-21-25.pdf

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๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐Ÿ“ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ