Those that travel extensively away from home need to determine how and what is deemed as a tax deduction on their taxes. You can deduct ordinary and necessary you hate when you are travel away from home on business. The type of expense you can deduct depends on the facts and you can deduct on the facts and your circumstances.
When you travel away from home on business, you should keep good business records of all expenses you have and any advances you receive from your employer. You can use a log,diary,notebook, or any other written record to keep track of your expenses.
If you have one expense that includes the costs of meals, entertainment, and other services (such as logging and transportation), you must allocate that expense between the costs and the meals and entertainment and the cost of other services. You must have a resonable basis for making this allocation. For example, you must alliocate your expenses if a hotel includes one or more meals in its room charge. However, if a spouse, dependent, or other individual goes with you (or your employee) on a business trip or to a business convention, you generally cannot deduct his or her travel expenses.
Employees:
Can deduct the travel expenses of someone who goes with you if that person:
1.Is your employee
2.Has a bona fide business purpose for the travel, and
3.Would otherwise be allowed to deduct the travel expenses.
Sunday, October 12, 2008
Deductible Traveling Expenses
Posted by Anonymous at 6:38 PM
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment