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Preserving Tax Deductions for Business Travel If a taxpayer's trip is undertaken solely for business reasons, reasonable and necessary travel expenses, including travel fares, lodging, meals, and incidental expenses in getting to and from the destination are generally deductible on federal tax returns (subject to the 50% disallowance for meals and entertainment).   Tax Aspects of Becoming Self-employed Individual taxpayers are opting to start their own businesses for myriad reasons. Regardless of why you?re contemplating self-employment, you should consider several basic tax-related issues before and immediately after actually leaving your current job.   Assisting Grandchildren with College Costs Contributing to a Section 529 college savings program is a great way for grandparents to help their grandchildren pay for college.