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IRS Rules for Recording Business Expenses: Travel, Transportation, Meals and Entertainment A clear guide for business owners, self employed, independent contractors, freelancers, managers, accountants and others about IRS requirements for adequate recordkeeping of employee / contractor expenses.

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Adequate recordkeeping is important for both preventing an audit and being prepared in the event of an audit. Overall adequate recordkeeping is good for facilitating compliance with Uncle Sam. A great solution for adequate recordkeeping of expenses is Falcon Expenses, our well reviewed fully mobile solution for expense tracking and reporting, check it out when
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How To Maximize Business Use Car Tax Deductions Whether you use your car only for work or for both work and personal reasons, many taxpayers wonder how they can maximize end of year vehicle tax deductions.

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There are two methods to calculate expenses for business use car tax deductions: the standard mileage rate method and the actual expense method. It is up to the taxpayer to decide which one is best. So which method do you chose? The Standard Mileage Rate Method The standard mileage rate is a method of deducting
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IRS Business Travel Definition for “Away From Home” When determining what qualifies as business travel overnight stay is not the only requisite, the IRS also specifies that the taxpayer must travel “Away From Home”.

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To travel away from home the taxpayer must travel to an area that is outside of the tax home for a period substantially longer than an ordinary day’s worth of work. The IRS business travel definition specifies the tax home as the entire city or general area where the main place of business is located.
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What Qualifies as Tax Deductible Business Travel Expenses Many taxpayers travel for work, they go away on an overnight trip as part of doing business, and many expenses incurred during travel are tax deductible.

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Whether the taxpayer is traveling as an individual (i.e. for their own business) or as an employee of another business, the IRS has defined rules about what qualifies as business travel, and business travel expenses. Business travel is defined as any travel that the taxpayer does away from their home, for work purposes, that includes
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What Qualifies as Tax Deductible Business Transportation Expenses Whether the transportation is by train, taxi, bus, air, rail, or the taxpayer's car, this post clarifies what is a tax deductible business transportation expense.

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Often many taxpayers are concerned about what qualifies as a tax deductible business transportation expense. Tax deductible business transportation expenses include: Temporary Workplace: Getting from your home to a temporary workplace when you have one or more regular places of work. Client Visits: Getting to and from client and customers for business related visits. Between Offices: Use [...]

Employer Provided Truck and Car Expenses Tax Deductions When an employee is provided a car by their employer certain business use of vehicle expenses are deductible from the employees personal tax return.

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The amount that is deductible on an employees individual tax return as truck or car expenses deductions depends on the amount that the employer includes in the employees income for the vehicle expenses and the percentage of business and personal miles driven with the car for the tax year. If the employer included the full
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Employer Tax Deductions of Employee Expenses: How to Deduct IRS guidelines for deducting employee business expenses from the corporate tax return under both accountable and nonaccountable plans, including reimbursements and per diems.

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Whether under a reimbursement (i.e. employee uses their money for business expenses and is reimbursed later) or allowance (i.e. per diem) arrangement, employer deduction of employee business expenses depends on whether they have an accountable or nonaccountable plan. Further, in some cases, an expense might be fully deductible on the books but only partially deductible
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Temporary Work Location Commuting Expenses Tax Deductions “I’m a freelancer and I use my personal car to travel from location to location to do my work. At the end of the year I am never completely sure about what mileage is tax deductible and what is not tax deductible.”

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Temporary work location tax deductions can be complicated. For example, an employee’s or contractor’s commute between their home and a regular place of work typically is not a deductible business expense. However, if the place of work is a temporary location, meaning the location is expected to last for one year or less, than the
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