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Deducting all meals? Food for thought

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in Small Business Tax

Q: I've heard that food expenses will be deductible beginning next year. Will itemizing be required? O.D., New York

A: It's an intriguing concept, but we found no evidence of any serious congressional proposals concerning such a tasty deduction. You may be thinking of the current law regarding support that you provide for a dependent (including food and shelter). To claim a dependency exemption, you must provide more than half of that person's support.

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