Doug Beecher's Tax & Money Blog: April 2012

Monday, April 2, 2012

#Tax Deductions for Meals/Incidentals on #Business #Travel ... Simplified!

The IRS allows you to claim tax deductions for meals & incidental expenses on overnight business travel. To qualify you will be required to keep records that show:

That your trip required "substantial sleep" (usually overnight) before returning.
The trip's business purpose.
That over half of the working time of a majority of the days of the trip was used for business.

Please continue reading to get a quick summary of your options to calculate the amount of the deduction you can claim for 2011-12 if your travel meets these requirements ...

Welcome to our friendly gathering! Here we try to talk about the tax and financial matters that impact you in plain English while giving you some practical planning ideas to deal with those matters!

Blog post topics are based on the questions received most frequently from you. Your input is truly valued - please comment freely and often!

Important Note! The information in these posts are intended to inform you of some of the financial opportunities provided in the tax laws or elsewhere. These laws are very complex and thus these articles are not intended to give you specific advice for your personal situation. If you need such advice, please contact a qualified professional.

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