question.jpgIn Federal Income Tax

Can I deduct travel and entertainment expenses?

If you are itemizing your deductions, rather than taking the standard deduction, you can generally deduct those travel and entertainment expenses which are related to your job. Most job-related expenses, including travel and entertainment expenses, are subject to the so-called 2% floor for miscellaneous deductions, which means that only the amount of your total miscellaneous deductions that exceed 2% of your adjusted gross income may be deducted. However, if you are self-employed, the 2% floor does not apply.

In addition, if the 2% reduction applies to your situation, it will also limit the amount of travel and entertainment expenses which you can ultimately deduct.