Good news for taxpayers and business owners: Business meals are deductible, according to IRS regulations issued last week.
Second piece of tax news: If you filed an extension (like yours truly), the deadline is next Monday, Oct. 15. More on that later.
First, let's discuss last week's federal tax regulations that clarified which business meals we can deduct. This affects small-business owners more than anyone.
The IRS clarified the confusing 2017 Tax Cuts and Jobs Act, saying we can deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer), is present and food or beverages are not lavish or extravagant.