The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does NOT apply to all tax deductions. Many taxpayers mistakenly apply the $75 rule to all their tax deductions, which can result in a significant loss...
You may not have thought of this, but taking a cruise ship to Mexico for a business meeting is acceptable as a deductible form of transportation. Because Mexico is in the tax law–defined North American area, the law says that you need no stronger business reason to...
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax-home, and it’s not necessarily in the same town where you have your personal residence. Tax Law If you have more than one business location, one of the locations...
When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? Tax Law The rules also affect your costs during the day. When you have an overnight business travel day,...
As you likely know by now, your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for yourself is...
