While you are in the process of summarizing your 2012 business expenses, this will be a good time to review those items that are deductible, as a self-employed business professional, while on business trips away from home:
- Plane, railroad, taxi and other transportation fares between your home and your business destination.
- Hotel and other lodging facilities. You need receipts or similar evidence for lodging expenses.
- Meal costs. You may claim your actual meal costs if you maintain records, or you may use the standard meal allowance. Whichever method you use, only 50% of the unreimbursed meal costs are deductible.
- Tips, telephone, and telegraph costs.
- Laundry and cleaning expenses.
- Baggage charges (including insurance).
- Cab fares or other costs of transportation to and from the airport or station and your hotel.
- Entertainment expenses incurred while traveling away from home are deductible subject to restrictions, including the 50% deduction limit. [Read “Deductible Business Entertainment Expenses“]