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Thanks AJ. They are not overnight trips so I guess no.
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If a self-employed person is out and about a lot in their work day, and therefore eats out, is that deductible as a business expense? On line 24b of sch C?
Or is that only if you are entertaining a client?


Well, let's look at the instructions for line 24b of schedule C https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

Enter your total deductible business meal and entertainment expenses. This includes expenses for meals while traveling away from home for business and for meals that are business-related entertainment.

Assuming that 'out and about' means that the person is in their home area, rather than away from home on an overnight business trip, I would say that those expenses would not be deductible as a business travel expense.

AJ
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I agree with AJ. Daily meals are part of life. You can bring your own meal from home. However, if you are away from home overnight, it becomes far less practical to bring food with you. That's why deductible meals require a business purpose or overnight stay. Of course, much of this is moot for 2018.

Ira
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irasmilo: "Of course, much of this is moot for 2018."

Apologies to the OP for hijacking the thread, but IRA, peter and the rest of the board regulars, does anyone have a good summary of the 2018 changes, and what is still deductible and especially any "above the line deductions" that are available if one does not itemize? It is hard for me to imagine that the Republican base would accept loss of church/charitable donations if one does not itemize.

The increase in the standard deduction, along with the SALT limitation, "kills" my prior strategy of alternating between standard deduction and stacking deductions (which mainly involved paying two years of real estate taxes in the same calendar year, which is easy to do in Texas without going delinquent).

Also, is there any grandfathering of home equity loan interest deductions for loans taken prior to the change in the law (i.e., the old 100k limitation)?

Regards, JAFO
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Thanks AJ. They are not overnight trips so I guess no.
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