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Yes, such expenses can certainly be deducted.
Self-employed can deduct travel expenses under certain conditions. Expenses such as lodging and meals are only deductible if the trip lasts longer than one day. However, only 50% of meals and entertainment expenses are deductible. If the business trip lasts less than one day, then only transportation costs can be deducted, not meals. The self-employed can deduct all qualified expenses
Commuting expenses to an outside office are not deductible. If a self-employed taxpayer has a home office as a principal place of business, then all business trips are deductible. Commuting expenses are deductible if the taxpayer is out of town on a business trip and must make trips to other areas in the locality.
I sell insurance and travel four days per week out of town from my home. I need to know the daily rate for meals, lodging and how much per mile I can deduct. Thanks
It think, I did not convey myself clearly. Let me come over again.
Are you trying to know about Per Diem Rates for self employed ?
yes, I know that I can deduct them. I just need to know the acceptable rate.
Being self employed, you are making an expense which is NOT reimbursed. In such cases, ALL of your actual expenses would qualify as deduction.
However, under IRS guidelines, self-employed individuals, including independent contractors, adequately substantiate their out-of-town business related travel and entertainment expenditures, including meals, by maintaining a record of the amount, time, place or description, business purpose and business relationship, in the case of entertainment, meals and gifts, for each separate expense. Generally, this means that self-employed individuals deduct their out-of-town business related travel and entertainment expenses based on actual costs and not the federal per diem rates.
the botXXXXX XXXXXne is -- you can deduct ALL actual expenses, and you are required to maintain record of all such expenses.
So, I guess I was told wrong by another accountant stating that there is a daily acceptable rate rather then keeping receipts.
Yes, I guess so. Because, Only employers who reimburse employees using a per diem allowance can deduct their employee's out-of-town business related lodging expenses using a per diem costing method that incorporates the federal per diem rates.
For you, it is just recurring business expense. You are incurring them and NOT being reimbursed by anyone. It would be routine operating expenses for you would be deductible.
Hello.. Are you there ? Do you read my replies ?
yes, I feel the need to have an appt with another accountant. the accountant that told me this is the wife of an associate and I do not want to question her.