On the road again – It’s time to review expense deduction rules

Description

Abstract: The COVID-19 pandemic isn’t over, but business travel is starting back up. So, it’s a good time to revisit the tax rules for deducting business travel expenses. This article reviews the deductibility of domestic travel expenses; special rules apply to foreign travel. It covers travel deduction basics, including meal deductions, and how to allocate deductions for travel that includes business and pleasure. A brief sidebar discusses the use of an accountable plan to reduce employees’ tax burden.