Careful!
If you’re deducting travel expenses you’d better know what you’re doing or the IRS may come calling.
It doesn’t matter whether you operate your business as a corporation or a proprietorship. You still need to record your tax-deductible travel expenses in an IRS-approved manner. And they can be sticklers!
If you want to learn how to keep your tax-deductible business travel records in a form that meets the “timely-kept records rule,” read my new article titled Tax Tips: How to Prove Expenses for Tax-Deductible Business Travel?
Three ways our fact-filled article can help you:
- We’ll explain “tax diary” basics. It’s smart (very smart!) to keep a tax diary for recording your tax-deductible expenses. We’ll tell you the four entries you should make for every item you deduct when you read the full article.
- We’ll tell you all you need to know about receipts. For the IRS’s purposes, a receipt is a document that establishes your expenditure. But the devil is in the details and we’ll tell you how to handle hotel receipts, restaurant receipts, and more. You’ll get all the facts when you read the full article.
- You’ll learn how to handle your travel expenses. The IRS defines a travel expense as the cost of getting to and from the business destination and the expense of sustaining life while at the business destination. We’ll give you eight examples of IRS-approved travel expenses when you read the full article.