Ask A CPA - Small Business Services

What Proof Do I Need To Substantiate My Travel And Entertainment Expenses ?

Generally, the IRS requires 2 types of records for substantiation. You should maintain a diary (calendar diary recommended)or account book to list the place, time, who you met with, and the business purpose of your travel and entertainment. Receipts, itemized bills or similar statements for lodging are needed regardless of the amount. For other expenses of $75 or more a receipt is needed. A bill should show the amount of the expense, the date of the expense, where the expense was incurred and the nature of the expense.

If you need professional help with "Small Business Services" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.