miamibeach411.com
Travel to Miami Beach 4,400 pages of articles, photos, and links
that reach 225,000+ visitors per month.
Investment condos in Miami
 
 
Miami Beach 411 : News Business travel expenses : Travel updates and local news issues.
 
 
 

« Toot your own horn | Main | Legal issues with condo-hotels »
 

April 08, 2005
Business travel expenses

If you are an employee or a sole proprietor who has business-related travel, entertainment, gift, or transportation expenses, you should consult irs.gov, particularly Publication 463 on Travel.

I learned that self-employed consultants, independent salespeople, small-business owners, and freelancers can regularly write off expenses on business trips. As long as business is the primary reason for travel, your airfare, lodging, meals, car rental, taxis, and even tips and laundry can all be deducted.

The IRS says “ordinary and necessary” expenses for business are 100 percent deductible. This includes:

- transportation
- lodging
- incidentals, such as Internet, phone, and laundry

Half of the costs of meals you incur because of work are deductible. You can eiter total up your receipts or use the government-approved allowance, which varies from city to city (from $31 to $46 a day).

If you’re driving your own car, the standard reimbursement is 37.5¢ per mile for 2004, upped to 40.5¢ for the 2005 tax year.

But don’t expect the IRS to take your word that the motive for that weekend in South Beach was for business. If you get audited, you’ll need receipts and meeting records to back you up.

   
 
Posted by Gus on April 8, 2005 09:00 PM
 

Comments

 
 
How are we doing? Send us feedback!
 
Copyright © 2005 Miami Beach 411. All rights reserved.
 
 
News Sections
Recent Posts
Local News
Travel Tips
Entertainment
Technology Miscellaneous
Finance
Special Events
 
Subsrcibe to
MiamiBeach411

Subscribe
Subscribe to MiamiBeach411 on Bloglines
Subscribe to MiamiBeach411 on Yahoo
Subscribe to MiamiBeach411 on Newsgator
Subscribe to MiamiBeach411 on MSN
Subscribe to MiamiBeach411 on Google Reader
del.icio.us MiamiBeach411


rss 2.0 | rss 1.0 | Atom

View the Archives
Recommended Sites