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Want to keep Big Brother, the IRS happy when it comes to your business trip expenditure records? OK, take a deep breath and take a look at these rules. These rules are not hard to follow, but you have to follow precisely.
For each expense, be sure to note the following:
What
What did you spend the money? List each expense separately as business meals, taxis, or lodging.
Where
If you paid for airfare, list to the city in which he flew. If you take a taxi, ready to "a" or "" parts of the trip. If you send a button, the list of hotel they gave the tip.
When
It is important to list the date and time it was her mission, together with the date and time of your return. Thus, for individual travel costs during your trip, simply type the date each expense was incurred.
Why
This is big. It is necessary to justify to the IRS that the cost of travel is a legitimate business expense. For example, buying a meal for a business partner is a legitimate travel expenses. Get a $ 5.00 chocolate bar of the mini-fridge the hotel is not (unless you came to the hotel at a time when most restaurants closed). The same goes for the movie in the room you ordered, because is boring.
Proof of Payment
The IRS wants the receipts to back up their own lists of expenses to prove that you paid expenditure. For example, you need copies of your hotel bills, taxi fares, and revenues for business meals are paid for these items. Individual expenditures over $ 75 also must be supported by receipts.
Documentation
The easiest way to manage their documentation Business travel is as follows:
1. Always get a receipt
2. Keep all receipts (and other documents such as ticket stubs) in an envelope while traveling
3. Use one form to document all their business travel expenses when you get home. The form should cover all the above criteria. Complete the form and then attach receipts to the back of the form when done.
Voila! You just keep the IRS happy by documenting their travel expenses business according to IRS regulations.
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Stephanie Valentine has been a successful network marketer for over a decade. She does her MLM business online and helps others do the same. For tips, tricks, rants, and raves about online MLM and small business, visit http://www.gomlmonline.com/blog and http://www.gosmallbizblog.com
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