Business owners and employees have long been conditioned to track all their expenses. Saving those receipts often pay off in the form of tax deductions that reduce business expenses and boost the bottom line.
Unfortunately, it’s difficult to know exactly what you can and can’t deduct from your taxes, especially when it comes to business expenses, meals, and entertainment. Determining what is and isn’t deductible can be a complicated process — even before you factor in complications created by the COVID-19 pandemic and new details that were included in the relief package Congress passed in December.
In this blog, we will provide an overview of which business expenses, meals, and entertainment you can deduct on your 2020 taxes.
(And if you still have any questions, contact S.H. Block Tax Services. Our team has the experience and expertise to help your business navigate any complicated questions or tax-related details.)