As you may know, recent tax-reform rules have left travel expense deductions pretty much intact.
This means your travel meals are still tax deductible (subject to the 50-percent cut), and there have been no changes to the rules that govern your other travel expense deductions.
What also hasn’t changed is the IRS’s requirement that you back up all your travel expenses with proof!
Provide the right kind of substantiated proof and you’re home free. Fail to document travel expenses the right way and you could be in hot water.
To keep you and your deductions safe, here are…
Twelve questions
every business traveler should ask.
You’ll get authoritative answers when you
read my new after-tax-reform article.
Question #1:
Are the business travel-documentation rules different if I operate my business as a corporation versus as a proprietorship?
Read the full after-tax-reform article.
Question #2:
Do I have to keep a tax diary for my business travel?
Read the full after-tax-reform article.
Question #3:
Is there an easy way to keep a tax diary?
Read the full after-tax-reform article.
Question #4:
Why are travel meals separated from other travel expenses?
Read the full after-tax-reform article.
Question #5:
Do I need receipts?
Read the full after-tax-reform article.
Question #6:
What exactly constitutes an IRS-approved receipt?
Read the full after-tax-reform article.
Question #7:
Can’t I simply use my credit-card statement as a receipt?
Read the full after-tax-reform article.
Question #8:
What is a “timely-kept” report?
Read the full after-tax-reform article.
Question #9:
Since I don’t need a receipt for a travel expense under $75 (other than lodging), how does the IRS know that I’m not cheating?
Read the full after-tax-reform article.
Question #10:
Should I keep receipts if the expense is under $75?
Read the full after-tax-reform article.
Question #11:
What exactly are “travel expenses”?
Read the full after-tax-reform article.
Question #12:
How do I submit travel expenses to my corporation?