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 ...