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STANDARD MILEAGE RATES (2024)
Business* $.67/mi (up 1.5 cents from 2023)
Relocation $.22/mi
Charitable Rate $.14/mi
Source: Irs.gov
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Deductible Business Meals
Business meals are 100% deductible until Jan. 1, 2023—when purchased at a “restaurant.”
But does “restaurant” include: delivered food? food purchased grocery stores? at specialty food shops?
Here are the answers.
A restaurant, for purposes of a business meal deduction, is an establishment that prepares and sells food or beverages to retail customers for immediate consumption—regardless of whether the food or beverages are consumed on or off the restaurant’s premises (IRS Notice 2021-25).
In other words, take-out is included—when purchased from a “restaurant.”
Not included: food or beverages purchased from:
X grocery stores;
X specialty food stores;
X beer, wine or liquor stores;
X drugstores;
X convenience stores;
X newsstands; and
X vending machines or kiosks.
Source: AIPB
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"Many companies define success based on the dollars coming in, but we define our success by the number of lives changed: people getting out of debt and investing for their future." - Dave Ramsay, Financial Expert