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| *The Commerce Journal>>>United States Taxes |
As an independent contractor how do I figure client meal costs for tax deduction? |
I understand I can deduct 50%. What about tips and sales tax...how does that work? Are those separate expenses or does it all get bundled together? Tips and sales tax are part of the cost of the meal. You can deduct 50% of business meals, not your regular lunch. Unless you are out of town--overnight!--you can only deduct meals that had a bone fide business purpose. |
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