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Started By
Message
Restore 100% eating out tax deduction to recover restaurants
Posted on 4/7/20 at 6:37 am
Posted on 4/7/20 at 6:37 am
Years ago the IRS greatly reduced the allowable deduction for business related restaurant expense. Anyone in the restaurant business can tell you when that happened it drastically cut their volume. Business people reduced taking clients out to lunch, gone were those big tips that went along with it.
If the gov't restores the 100% deduction for these business expenses it would be a tremendous boost to the restaurants when the quarantine is lifted. Yes, the class warfare people will scream, but no one in the restaurant industry will.
If the gov't restores the 100% deduction for these business expenses it would be a tremendous boost to the restaurants when the quarantine is lifted. Yes, the class warfare people will scream, but no one in the restaurant industry will.
This post was edited on 4/7/20 at 6:39 am
2
Posted on 4/7/20 at 7:58 am to andouille
Would be easily the best thing to come out of this mess for restaurant industry.
Posted on 4/7/20 at 8:33 am to andouille
Name one tax break JBE has ever dreamed about
Posted on 4/7/20 at 8:39 am to tigerfootball10
This isn't a Louisiana issue, its a federal tax code issue.
Posted on 4/7/20 at 8:43 am to andouille
Seems like a no brainer.
And JBE has no say so in this.
And JBE has no say so in this.
Posted on 4/7/20 at 9:15 am to Janky
Could do a state income tax deduction?
The “problem” with the suggestion is that the loss of deductions was compensated for by lowering rates.
Adding back deductions would likely require an increase in rates.
BUT a one year deductibility might be an option.
The “problem” with the suggestion is that the loss of deductions was compensated for by lowering rates.
Adding back deductions would likely require an increase in rates.
BUT a one year deductibility might be an option.
Posted on 4/7/20 at 9:17 am to Tigertown in ATL
That's what I was thinking, like a 2 year exemption, include business travel for the hotels, they are getting hit also.
Posted on 4/7/20 at 10:21 am to andouille
quote:
include business travel for the hotels,
That is still deductible.
2 year jump start for restaurants would be good.
Posted on 4/7/20 at 10:31 am to Tigertown in ATL
The restaurant in my building is getting creative. They're handing out free drink and dessert vouchers with their takeout orders.
When you look at their vouchers, they're dated for weeks after June 1. I give them credit for thinking now about how to drive business when they get fired up again.
When you look at their vouchers, they're dated for weeks after June 1. I give them credit for thinking now about how to drive business when they get fired up again.
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