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Submitted By: someone
Answered: July 22, 2019 3:11 am
Answered: July 22, 2019 3:11 am
I’m self-employed and use the M&IE standard federal per diem rates for meal costs while away from home. If I take a customer to lunch, can I base my deduction on the actual cost of that meal?
The M&IE is broken down to breakfast, lunch, and dinner, plus incidental costs. The IRS hasn’t said whether you can use the M&IE rates for some meals and actual costs for others on the same day.
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Tax Glossary
Individual retirement account (IRA)
A retirement account to which up to $4,000 (or $5,000 if you are 50 or over) may be contributed for 2007, but deductions for the contribution are restricted if you are covered by a company retirement plan. Earnings accumulate tax free.
