Information needed to deduct expenses for use of business auto, travel, meals, entertainment & apparel
Section 274 prescribes specific documentation requirements for travel, entertainment and expenses for listed property. Documentation requirements are more stringent. So the importance of substantiation cannot be overemphasized, especially in the area of travel, meals and entertainment. The taxpayer should completely document these expenses as they occur to secure the deductions. Records cannont be created after the fact. Failure to have the below documention will result in no deduction allowed by the IRS. The so-called Cohan rule that allows taxpayers sometimes to estimate the amount of certain business expense is not available for travel, meals and entertainment expenses.
Information needed to deduct expenses for use of business auto:
Total miles drive for year. Ending mileage reading. Beginning mileage reading.
we will need this for ea. auto used on business please.
TRAVEL, MEALS & ENTERTAINMENT:
Travel, meals & entertainment: Substantiation Requirements: must be for a business
To be deductible the cost and upkeep of apparel
Back To Current Client News Links
Back To Troast Consulting Home