Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 02-23-2008, 08:47 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
samclem's Avatar
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
I do consulting work and my client does exactly the same thing--a single 1099 with a single number on it which includes my pay as well as all reimbursements for travel, lodging, meals and incidentals, etc. It s up to me to whittle that number down by claiming all my expenses.

I think this standard.

Given all the different ways there are to claim expenses, I don't know how the payor of the funds on the 1099 could do anything else. For instance, in most cases only 1/2 of meals when traveling are deductible, and some people claim the actual amount they paid for meals while other people claim the "standard" GSA meal rate without bothering to keep receipts. The company that paid you must show the amount that you got paid for the meals, and it is up to you to figure out how to deduct them.
samclem is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-24-2008, 03:57 PM   #22
Full time employment: Posting here.
Join Date: Sep 2006
Posts: 608
Originally Posted by RetireeRobert View Post
Doesn't really seem to be a matter to get your bowels in an uproar over in my opinion.
Good point, thanks.

Main thing is, I thought I could only deduct half of my meals if
doing it this way, but maybe I'm wrong.

Also, I may not have all the receipts (since I sent them to client for
the reimbursement), but I guess that only matters if audited.
JohnEyles is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Shielding income from taxes. modhatter FIRE and Money 26 04-04-2007 10:46 AM
Taxes on income. Can. Q My Dream FIRE and Money 22 11-01-2006 09:54 AM
Are You Still Paying Income Taxes? MetryOp Other topics 4 06-23-2005 12:06 PM

» Quick Links

All times are GMT -6. The time now is 03:24 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.