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Tax Relief - On Business Travel Expenses

Published Monday, August 18, 2008 by bloggerblognet84084 | E-mail this post

Expenses from travel can generally be deducted from the business income earned by you provided the travel is not for personal purposes. Expenses include plane tickets, car rentals, hotels, meals, and even the tips paid. Such travel can be for any countless reasons such as meeting customers or suppliers, overseeing branches, or any other business needs. Even travel expenses for attending conventions can be deducted. Extravagant expenditure may, however, not qualify for tax relief.

Some people may live in one city and do business in another. Part of their travel may involve going to and from the city where their family home is. Such expenses will not be deductible unless part of their business is located in the place where their family home is. Travel on weekends may, however, not be eligible for tax relief as it would clearly be for personal purposes.

The requirement of maintaining records applies to travel expenses also. There should also be normal documentation, such as correspondence, for travel particularly to places somewhat unrelated to the normal needs of the business. This is just a precaution in case of needing to meet a test of scrutiny by the IRS, should the situation arise. Meal expenses also need to be substantiated to get full tax relief. Alternatively, one can opt for the application of a standard meal allowance and do away with the bother of keeping such records. This allowance is variable from place to place.

Even travel expenses incurred for long periods of stay in another city for a temporary work assignment can be deductible. However, if such a period is more than one year, the travel expenses will not be deductible.

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Tax Relief - On Business Travel Expenses

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