Financial Freedom Tax

In 2020 the meal business deduction was 50%

Businesses can temporarily deduct 100% beginning January 1, 2021, through December 31, 2022. Businesses can claim 100% of their food or beverage expenses paid to restaurants as long as :

The business owner or employee is present.

The cost of the meal or beverages isn't "lavish or extravagant," under any circumstances.

The meal is with a business contact (like a customer, employee, vendor, or consultant).

The meal has an "ordinary and necessary" business purpose.

This is a very easy, quick way to break down your deductions while going through your bank statements.

There are multiple deduction categories, however it does not mean you qualify for each and/or all.

Make sure to keep track of your receipts, books in order and not only have paper work but transfer your data and save it.

Ps: Many tax papers believe they can take both mileage and expense costs for their vehicles but you can only take one and you should track down both mileage and expenses to see which is the best option for you.

Hope this helped

I meant to say $2800 guys not $2400 but read the description for verification

What should you expect and do as a Tax Payer who qualifies for this 3rd stimulus round.

Size of the check will shrink if you made over the AGI for your filing status , here’s what you need to look for.

Single taxpayer : $1,400
$75,000 or less for income
$80,000 being the cut off amount

Married couple (MFJ) : $2,800
$150,000 or less of income
$160,000 being the cut off amount

Dependent : $1,400