WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
“In 2021, the business meal deduction was
enhanced to a 100% deductible expense to help the restaurant industry which was
heavily impacted by COVID-19. This was an incentive for business owners to eat
out at restaurants for business-related events and capitalize on a 100%
deduction for their 2021 taxes. Tax year 2022 will be no different. As it
still stands businesses can deduct the entire cost of business-related food and
beverages from restaurants, including taxes and tips.”
A reminder – employee business expenses are no
longer deductible on Schedule A, so the business meal deduction only
applies to business schedules (C, E and F) and returns (1120, 1120S, 1065).
* Kay
Bell reports “Missouri flood victims get new Nov. 15 tax deadline” at DON’T
MESS WITH TAXES.
* One more reminder to check out the August “issue” of
BOBSERVATIONS, if you have not already done so.
Please share it with your friends, family and
colleagues. And let me know your
thoughts and comments.
* The NATP BLOG tells us “Congress passes Inflation Reduction Act of 2022. Here are 6 tax takeaways.”
I am waiting for the NATP to produce a summary of the Act. When they do I will post on what this means
for 2022 Forms 1040 and 1040-SR in more detail.
* Jim Blankenship explains “Your Social Security Benefits Statement” at GETTING YOUR DUCKS IN A ROW.
You
should check this statement every 3 years to make none of your earnings are
missing. Years ago,
clients, coincidently officers of the Social Security employee’s union,
discovered their small annual wages from the union were not included in their
statements.
* Andy Ives discusses the rules related to the “Year-Of-Death RMD” at the SLOTT REPORT.
THE LAST WORD
In 2022
you can either support and defend democracy, the Constitution and the rule of
law OR you can vote Republican.
You CANNOT do both!
Only a Party of morons would continue to support and
defend the most ignorant, incompetent, corrupt, crooked, and totally self-absorbed
national politician in US history.
TTFN
No comments:
Post a Comment