3/29/2023 0 Comments Stay out of my business![]() For tax years 20 only, you can deduct the full cost of business-related food and beverages purchased from a restaurant. Generally, you can deduct 50% of the cost of meals. This allowance is based on the federal meals and incidental expense per diem rate that depends on where and when you travel. You would have to eat if you were home, so this might explain why the IRS limits meal deductions to 50% of either the: The IRS allows business travelers to deduct business-related meals and hotel costs, as long as they are reasonable considering the circumstances-not lavish or extravagant. If you use it both for business and personal purposes, you can only deduct the portion of the rental used for business. If you rent a car when you arrive at your destination, the expense is deductible as long as the car is used exclusively for business. Between your hotel and the work location.Hotel from the airport or train station.For example, you can deduct the fare or other costs to go to: TurboTax Tip: Even if you use the federal meals and incidental expense per diem rates to calculate your deductions, be sure to keep receipts from all your meals and incidental expenses.įares for taxis or shuttles can be deducted as business travel expenses. You also can add tolls and parking costs onto your deduction. For the first half of 2022 the rate is 58.5 cents per mile and increases to 62.5 cents per mile for the last half of 2022. If you drive your own vehicle, you can usually take actual costs or the IRS standard mileage rate. If you decide to rent a car to go on a business trip, the car rental is deductible. If you have to pay top dollar for a last-minute flight, the high-priced ticket is a business expense, but if you use frequent-flyer miles for a free ticket, the deduction is zero. Go by plane, train or bus-the actual cost of the ticket to ride is deductible, as well as any baggage fees. Transportation expenses on a business trip are deductible
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