What’s Considered a Business Travel Expense and Can You Deduct It?

pstrongDetermining what’s a business travel expense and what’s not can be a very gray area. Find out how to clear up the confusion./strong/ppEssentially, to be considered a business travel expense, the main question to ask yourself is, “Did this expense go towards moving my business forward?” If you can answer that question with a “yes,” here’s what you need to know about what you can deduct on your taxes./ppYou can deduct business expenses related to travel, such as, transportation, meals, lodging and entertainment./ppstrongCommon Transportation Deductions/strong/pullispanAirline Tickets/span/lilispanRental Cars/span/lilispanTaxis/span/lilispanTrains/span/lilispanPersonal Car Mileage ($0.56 per mile as of 2014)/span/lilispanTips to Drivers/span/lilispanParking/span/li/ulpstrongCommon Meals Deductions (Deductions for meals is limited to 50 percent of the costs)/strong/pullispanBreakfast/span/lilispanLunch/span/lilispanDinner/span/lilispanSnacks (at the airport, for example)/span/li/ulpstrongCommon Lodging Deductions/strong/pullispanRoom Rate + Applicable Taxes/span/lilispanTips (to valets, for example)/span/lilispanParking/span/lilispanWifi charges necessary to doing business/span/lilispanLaundry/Dry Cleaning/span/li/ulpstrongCommon Entertainment Deductions/strong (This one is more gray and more scrutinized by the IRS. Be sure you can prove the entertainment expense was directly related to the betterment of your business. Also only 50% of the amount is usually deductible.)/pullispanGolf/span/lilispanCocktails/span/lilispanConvention Receptions/span/lilispanNightclub Admission/span/lilispanSports Arena Parking/span/li/ulpWe’re here to help you deduct all the expenses you’re entitled to. Give us a call today!/ppspan /span/p
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Posted on July 21, 2014