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How much of client meals can be used as an expense deduction on fed income tax for an independant contractor?
If I take five clients plus myself for a meal, can I deduct 5/6th of the total meal cost as an expense for federal income tax. I am a Realtor (an independant contractor)?
Public Comments
- http://www.irs.gov/taxpros/index.html
- Actually you can deduct 50% of the total of all 6 of you. When filling out your sched c you'll notice the Meals and Entertainment portion of the Expenses section.
