How do I prove my travel and entertainment expenses?

If you're an employee who is reimbursed for expenses you'll need to file and expense report for your employer, which is a written accounting of your expense while on travel. If you received a cash advance, you'll also need to return to the employer any amounts in excess of your expenses.

Some per diem arrangements and mileage allowances called "accountable plans" take the place of detailed accounting to the employer, if time, place and business purpose are established.

Where expenses aren't fully reimbursed by your employer or excess reimbursements aren't returned, detailed substantiation to IRS is required and, if you're an employee, your deductions are subject to the 2 percent floor on miscellaneous itemized deductions.

In addition, your expense records should be "contemporaneous," that is, recorded close to the time expenses are incurred.

  • 0 משתמשים שמצאו מאמר זה מועיל
?האם התשובה שקיבלתם הייתה מועילה

מאמרים קשורים

Can I deduct the cost of meals on days I call on customers or clients away from my office?

Generally not. Usually, you can only deduct costs of meals when you're away from home overnight,...

Must I report employer reimbursements for travel, entertainment and meals?

It depends. If you give your employer a detailed expense accounting, return any excess...

What are the limits on deductible travel, entertainment and meals costs?

There are no dollar limits. Expenses must be "ordinary and necessary" (meaning appropriate and...

Can I deduct living expenses on temporary assignment away from the area where I live and work?

Yes. Living expenses at the temporary work site are away from home travel expenses. An...

What expenses can I deduct while traveling away from home?

A wide range of expenses can be deducted while traveling away from home. Here are the main ones:...