Vincent,a self-employed taxpayer,travels to a business conference out of town.While at the conference,he spends $500 on breakfasts and dinners.Because he eats alone,he cannot deduct any of the meal costs.

Question

Quizplus · Accepted Answer

Vincent may still be able to deduct 50% of the meal costs as a business expense, even if he ate alone. The IRS allows for this deduction if the meal was related to a business activity such as attending a conference. However, he would need to keep detailed records and receipts to support the deduction.

Vincent,a Self-Employed Taxpayer,travels to a Business Conference Out of Town