Required Minimum Distributions are back in 2021. Distributions must be made by December 31, 2021.
Business meals provided by restaurants are 100% deductible for 2021 and 2022.
Meals purchased from an establishment that sells primarily prepackaged foods or beverages not requiring immediate consumption are not eligible. Also, meal purchases from eating facilities on the business’ premises used to provide meals to employees will not be eligible for the deduction.
Unemployment compensation is once again taxable for 2021.
Couples who are married filing jointly will be able to deduct up to $600 of charitable cash contributions “above-the-line” on their joint 2021 tax return.
