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No deduction for attending stockholder meeting

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in Small Business Tax

Q. For the first time ever, I plan to attend a stockholders’ meeting at a distant location. Can I deduct the travel costs? B.R.N., San Francisco

A. Not usually. To deduct any travel expenses—including transportation, lodging and 50% of your meals—as miscellaneous expenses, you must be able to demonstrate that you played a prominent role in the meeting. Otherwise, it’s not clear that your activities are related to the “production of income.” It’s unlikely that minority shareholders will be able to deduct any expenses.

Tip: If you qualify, the expenses are grouped with your other miscellaneous expenses, subject to the 2%-of-AGI floor.

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