If I take a business trip to an establishment to check out the competition and how they "do things" (i.e. a bed and breakfast in another state), would I be able to deduct the travel expenses and meals completely, or will I only be able to deduct 50%?
2007-07-10 03:42:56 · 3 answers · asked by planetnoelle 2 in Business & Finance ➔ Taxes ➔ United States
Are you currently in the B&B or related business? Then your expenses to evaluate the market are tax deductible. There is a limit on meals and entertainment expenses of 50%.
If you are self-employed, these expenses are taken on Schedule C. If you are employed, they are figured on Form 2106 and transferred to Schedule A as miscellaneous deductions subject to a 2% of AGI floor.
2007-07-10 04:00:55 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
Meals 50%, travel and lodging 100%, assuming that you can justify it as business, not personal vacation.
2007-07-10 10:49:49 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
the deduction is always the same no matter what the reason is for travel . . .
2007-07-10 10:51:27 · answer #3 · answered by Rainy 5 · 0⤊ 3⤋