Hello,
I am an Independent Contractor (solely 1099) and bill my clients for travel expenses. I do track M&EI as distinct expenses in QB Self-Employed
How can I track the IRS Standard Allowance for M&EI, which may be higher than actual billed expenses, in QB Self-Employed? This results from the client and contract travel policy allowance being lower than IRS M&EI allowance and lower than actual expenses. I do track M&EI allowance in a separate Excel sheet, but would like to only use one location.
Example: Houston M&EI standard allowance is $61 for the second day of travel. Client allowance is $37. Actual expense is $61.00. The M&EI allowance breaks even, expense to client recovers -$23.00.
I am mainly interested in reconciling and getting the best and allowable deduction for M&EI when filing in 2019. I can always adjust the invoiced expenses to the client to the contractual allowed or actual expense.
Thank you for any advice.
