If you refinanced a rental and used some of the proceeds personally, the annual mortgage interest statement may not tell the whole tax story.

Useful records include:

• The original and refinance closing statements.

• The old loan balance and its use history.

• Bank records showing where the refinance proceeds went.

Beginning in 2026, many business meal deductions will become more limited. Office snacks, coffee, employer-provided meals (such as tax season meals), and meals provided during employee seminars are generally no longer deductible.

However, client meals directly related to a business discussion and employee meals while traveling overnight for business remain 50% deductible.

As always, it is important to include the following information on your receipt or other support:

~ Dollar amount (typically already included)

~ Time and place (typically already included)

~ Business purpose

Starting in 2026, the rules around employer-provided meals are getting a major shake-up under OBBBA — and that “50% deductible lunch” might soon cost you 100%!

Here’s what’s changing ⬇️

🚫 No more deductions for:

• Meals provided for the convenience of the employer (Sec. 119(a))

• Employer-operated cafeterias or snack areas (Sec. 132(e)(2))

Before this? Those were typically 50% deductible, sometimes even fully deductible.