Commodity Trader

[Unregistered]

I have a client who gets 1099misc from his boss, working as commodity trader in board of trade, mostly commission income. What sort of expenses he can deduct on his schedule c. I looked at his last year return and he has deducted 30% of his gross as material & supplies expense and then deducted for mileage, office expense, meals and utilities. Any input will be highly appreciated
Thanks

[Bees Knees]

He can deduct legitimate business expenses actually paid. He cannot take a percentage of gross and claim a deduction based on a wild guess.

Have him categorize actual expenses and consider them one by one whether or not they appear to be legitimate business expenses.