BUSINESS TRAVEL

It is important to keep records of your business travel so that you can claim tax deductions and receive reimbursements from your employer. Clear, accurate documentation is the key to sustaining your deductions in the face of an IRS challenge. Instructions Understand what is deductible for tax purposes. You can deduct meals, lodging, transportation and any other incidental expenses, such as cab fare, that you incurred during business trips. You can deduct only 50% of the cost of your meals. However, if your employer gives you $10 for lunch and you spend $15, you can deduct the other $5 on your taxes. Know what your employer will reimburse you. Most companies will give you something towards your business travel. For example, they may pay for your transportation and lodging, and give you an allowance for meals. Get receipts for everything you spend on your business travel. No matter how big or small the item may be you should get a receipt. It may be advantageous to have later and