Higher Business Meal Tax Deductions Can Translate into More Jobs
HOBOKEN, NJ (December 2009) – Chris Onieal, owner of Onieal’s in Hoboken, NJ and a member of the New Jersey Restaurant Association (NJRA), is one of thousands of restaurant owners who say the limited tax deductibility of business meal expenses is eating into their profits.
Onieal and others are driving a national movement to restore tax deductibility for business meals and entertainment to its former level. In 1986, Congress reduced the allowable tax deduction from 100 percent to 80 percent. Congress further reduced the deduction to 50 percent in 1993. Continue reading NEW JERSEY RESTAURANT ASSOCIATION AND LOCAL RESTAURATEURS RALLY BEHIND PROPOSED INCREASE IN BUSINESS MEAL TAX DEDUCTION