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1. This week, review the following checklist to ensure that all of your meals and entertainment are being properly expensed:
? Pick a “trigger” that will help you remember to write down each of the substantiation requirements for meals, entertainment, and travel on the day the meal, event, or travel took place. Be sure to obtain […]

What should you be writing down about your business travel in your tax
diary?
• Amounts spent daily on food, lodging, taxi fare, haircuts, laundry, and so forth.
• Dates of departure and dates of return.
• Destinations to which you traveled.
• Your purpose for making the trip.
Remember, the IRS will not allow you to make approximations.64 What do […]

We should note that you can deduct travel expenses to maintain out-oftown rental properties or seek a new employment opportunity. Consult with your accountant for the rules governing these travel expenses if they apply to you.
Bullet-Proofing Your Documentation for All Business Travel
We have already discussed the kinds of receipts you need to keep in order […]

On Friday, Shannon went to the seminar. This day, naturally, counted as a business day. Saturday she spent on the beach, and Sunday she spent playing 18 holes of golf. Monday she had set up an interview with a potential distributor (in writing before she left on her trip) to get more information about a […]

Let’s examine this “weekend” opportunity more closely to see how it
works. Suppose you have meetings planned in Anchorage, Alaska on Friday and another meeting on Monday. Both Friday and Monday are then considered business days. The Saturday and Sunday of the weekend are sandwiched in between those two business days, so you can write off […]

Weekdays: Obviously any business you conduct on a weekday is going to count.
Travel Days: As we have already mentioned, the days you take traveling
to your destination are considered business days. But let’s suppose, for example, that you want to take a ship to your business meeting in Hawaii because you’re a nervous flier. “I’ll take […]

Reading is a window of the world. Because of that, some people are avid reader certainly has a broad knowledge. This is because the reading, we know something that we have never even visited. For example, we know in Egypt there is Sphinx, or the Coliseum in Rome. Reading can also be a hobby. […]

Spent the day with a solid work activities can make you depressed and bored. Therefore, you need a refresher and a new atmosphere in order to feel fresh in your work environment. You can go to a place of recreation such as parks, beaches, mountains, or skiing in the snowy mountains. Skiing is a […]

to be considered a “business day.” The answer: Not much. There is no prescribed work time requirement. If you can get everything done in one minute, that will make all 24 hours within that day count as business. The IRS says that if you are there for a bona fide business reason, there is no […]

Let’s say you settle on San Francisco as a place to conduct some business in order to promote your home-based business. You love SanFrancisco, especially the great food. While there, you will talk to distributors and meet with potential clients you have set appointments with in writing before you leave on the trip. You will […]