Expense Deductions for Taxes

[senior-advisor-indiana]

If audited you'll likely be disallowed those. I'm not sure what the mileage requirement is, but I believe a part of it is that you stayed the night in a hotel at least 100 miles away? Something of that nature. It's probably a good idea to talk to your tax person about it. If you don't have one, you should get one, they basically pay for themselves.

You do not have to stay in a hotel to deduct mileage. I have been told, not sure if its true, that you cannot count the mileage to your office or on the way to your first appt.

 

[Expat]

Pens, paper, printers, faxes, phones, computers, E&O, CE costs, license fees, appointment fees, leads, mileage or gas, business cards, postage.

Quite a comprehensive list. Two things to add:

Home office deduction
If you are paying interest for advances, that is also tax deductible.

 

[sman]

You do not have to stay in a hotel to deduct mileage. I have been told, not sure if its true, that you cannot count the mileage to your office or on the way to your first appt.

I'm pretty sure Josh was talking about meals. Centralsolution said he deducts all meals more than 25 miles from home.

 

[senior-advisor-indiana]

I'm pretty sure Josh was talking about meals. Centralsolution said he deducts all meals more than 25 miles from home.

I just read em as I see em...

 

[Stephen]

20k that's it? You can get away with more than that.

Looks like I will be driving more this year!

 

[Josh]

I'm pretty sure Josh was talking about meals. Centralsolution said he deducts all meals more than 25 miles from home.

I was just talking about meals.

Publication 463 (2011), Travel, Entertainment, Gift, and Car Expenses

 

[Stephen]

I was just talking about meals.

Publication 463 (2011), Travel, Entertainment, Gift, and Car Expenses

Looks like I owe the IRS a lot of back taxes for all of those Wendy's deductions.

 

[Josh]

Looks like I owe the IRS a lot of back taxes for all of those Wendy's deductions.

I won't tell if you don't. :P

 

[jdeasy]

If audited you'll likely be disallowed those. I'm not sure what the mileage requirement is, but I believe a part of it is that you stayed the night in a hotel at least 100 miles away? Something of that nature. It's probably a good idea to talk to your tax person about it. If you don't have one, you should get one, they basically pay for themselves.

You are allowed to take meals depending on how long you ar away from home, not how far. They have a clock breakdown and you get a % for breakfast, lunch and dinner based on that clock. The total amounts are based on the area where you are doing the work, not your home area unless it happens to be the same. There is a general standard for everywhere in the US. I don't have it now since I haven't used it in over 10 years. Some areas allow more per diem and you can find that in the CONNUS standard from the IRS. That's also where you will find the current mileage deduction.

The deducting of meals is very strict and you better have detailed receipts and records. The one thing you said about being overnight makes it a much easier deduction.

In general it is not worth the trouble or the scrutiny to deduct meals when you do not stay overnight.

 

[Schesnut]

Just went to a tax seminar that discussed some or the 171 deductions you can take. From the discussion here you are giving away to much money. Home office is a % of net living area not gross. All yes just about all meals can be deducted. Document Who what where when and why. There is even a Dutch treat attachment that you can use 100 times.. The key is knowledge and document document document.