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In the US:
Deductions from revenue for a pass-through LLC business:
- mileage reimbursement (all in for gas and other operating expense)
- meals per diem
- lodging per diem
Clothing, donations to charity, prescriptions not deductible in the US. Donations may be deductible on your personal income tax return.
Address any non-deductible expenses in your price/compensation you charge your client.
One way to calculate price for a consulting business is to double your target full time salary and divide by 2,000. This is your hourly rate charged to the client.
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