Travel & Entertainment
The most frequently asked tax questions related to Travel & Entertainment
What is the per diem rate for incidentals?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
You have the option of deducting the actual expenses or a allowance of $5.
What are the per diem rates for travel outside the US?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
Different rates apply for travel in Alaska, Hawaii, Puerto Rico, and US Possessions and foreign countries. Go to www.gsa.goc to get rates.
Are my business travel expenses for the cruise ship deductible?
Asked Monday, November 14, 2011 by an anonymous userCPA Answer:
If you travel by cruise ship for business the deductible cruise ship costs are limited to 2x the highest federal per diem rate for travel in the US. go to www.gsa.gov and click on per diem rates.
What is the amount that receipts for business transportation and entertainment expenses are required ?
Asked Tuesday, January 16, 2001 by an anonymous userCPA Answer:
Generally, IRS no longer requires receipts for business transportation and entertainment unless the expense exceeds $75. A business diary with details of the time, place, person you met with and the reason for the meeting should always be maintained. Your expenses for lodging always require detailed receipts, regardless of the amount.
What are the tax court guidelines for determining if a convention trip is business or personal ?
Asked Tuesday, January 16, 2001 by an anonymous userCPA Answer:
Generally, the tax court guidelines for determining if a trip is business or personal is (a) The primary purpose of the trip is business related, (b) the amount of time spent on personal activity compared with the amount of time spent on the business activity, (c) the location of the convention.
Are the travel costs I incurred to see my Investment advisor about my investments deductible ?
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
Travel costs to speak with your attorney, CPA, investment advisor about your investments or the production of income can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Are the travel costs I incurred to see my CPA about my investments deductible ?
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
Travel costs to speak with your attorney, CPA, investment advisor about your investments or the production of income can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Are the travel costs I incurred to see my Attorney about my investments deductible ?
Asked Wednesday, January 03, 2001 by an anonymous userCPA Answer:
Travel costs to speak with your attorney, CPA, investment advisor about your investments or the production of income can be deducted as a miscellaneous itemized deduction subject to the 2% AGI limitation on IRS Schedule A.
Are the taxi fares I incurred to the airport on my business trip deductible ?
Asked Wednesday, December 20, 2000 by an anonymous userCPA Answer:
Taxi fares and other costs of transportation (bus, train)to and from the airport or station and your hotel is deductible if for a business trip away from home.