IRS Tax Benefits You Should Consider in 2022

The first week of May — from May 1 through May 7, 2022 — is National Small Business Week in the U.S. 

The first week of May — from May 1 through May 7, 2022 — is National Small Business Week in the U.S. 

The theme of this year’s celebration is “Building a Better America through Entrepreneurship.” 

The theme of this year’s celebration is “Building a Better America through Entrepreneurship.” 

With this in mind, the Internal Revenue Service recently issued a news release detailing enhanced business tax benefits for 2022.

With this in mind, the Internal Revenue Service recently issued a news release detailing enhanced business tax benefits for 2022.

The news release details tax deductions and possible savings in three key areas: restaurant meals, home office expenses, and other tax benefits.

The news release details tax deductions and possible savings in three key areas: restaurant meals, home office expenses, and other tax benefits.

Among the benefits that could represent significant savings for some business owners is an enhanced business meal deduction. 

Among the benefits that could represent significant savings for some business owners is an enhanced business meal deduction. 

New for the 2021 and 2022 tax years, businesses can “generally deduct the full cost of business-related food and beverages purchased from a restaurant,” IRS.gov stated.

New for the 2021 and 2022 tax years, businesses can “generally deduct the full cost of business-related food and beverages purchased from a restaurant,” IRS.gov stated.

In the recent past, businesses could only deduct up to 50% of the cost of the meal.

In the recent past, businesses could only deduct up to 50% of the cost of the meal.

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