I’m self-employed and use the M&IE standard federal per diem rates for meal costs while away from home. If I take a customer to lunch, can I base my deduction on the actual cost of that meal?

Exemption

A fixed deduction allowed to every taxpayer, except those who may be claimed as a dependent by another person. Extra exemption deductions are allowed for a spouse on a joint return and for each qualifying dependent. A deduction of $3,400 is allowed for each exemption claimed on 2007 returns, but the deduction is phased out for certain high income individuals.