If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply if the business conducted reasonably requires an overnight stay.
New Per Diem Rates for Business Travel
The IRS has announced the per diem rates for ordinary and necessary business travel expenses in the fiscal year 2023-24:
What Tax Deductions for Business Travel Can I Take?
I own a business, am I allowed to take tax deductions for business travel?
The overall answer is yes. Whether you’re a single-owner LLC or own an S-Corp business with multiple employees, you can take tax deductions for business travel. However, as is always the case in the world of tax law, things get…intricate.
Deducting Business-Related Car Expenses
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses. Here’s what small business owners need to know:
Per Diem Rates Updated for FY 2021-22
Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses, as well as meal and incidental expenses only.