If I accept a short term assignment in Asia as a individual consultant hired by a Spanish consulting company, what are the expenses that I can deduct when filing my income tax return in 2013? It will be less than 330 days in total, as my overseas work will be for a period of 2-3 weeks each time? Are the rules the same if I am an self independent consultant in the US where I can deduct expenses such as office space in my home, travel and transportation, business meals, computer, and printing expenses?

ANSWER

The BIDaWIZ Team's Answer:

If you are a self-employed U.S. citizen, the rules for paying self-employment tax are generally the same whether you are living in the United States or abroad. However, if you meet certain requirements, you may qualify for the foreign earned income and the foreign housing deduction. You won't be eligible for the exclusion since you will be there for a short period of time. However, you can certainly deduct the travel and lodging related expenses as this relates to a temporary work assignment.