Q. I’m planning to go to a stockholders meeting. Can I deduct my travel expenses? C.B.K., San Francisco
A. Usually not. We get this question a lot, but you generally can’t deduct travel expenses to a shareholder meeting unless you have a specific purpose. For example, you may be entitled to a write-off if you’re proposing a resolution or making a sanctioned presentation. The key is to demonstrate that your presence is required for some meaningful reason, such as contesting the appointment of new board members.
Tip: If you qualify for this tax break, the travel expenses must be deducted as miscellaneous itemized deductions subject to the 2% of adjusted gross income floor.