April means tax time. If you’re self-employed or are a small business owner and you travel for work, another year of receipt collection and careful tracking of expenses is underway. Before next April rolls around, here are some travel expense tips to keep in mind so that you’re not scrambling to meet the tax-filing deadline.
When it comes to business-related travel expenses, the IRS has strict rules requiring a high level of substantiation. And if all or part of your trip takes place outside the United States, some IRS rules are different.
But wherever you travel, it’s important to maintain good records — ones that go beyond simply keeping receipts in a desk drawer or filing cabinet.Read More