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IRS Announces Special Per Diem Rates for Travel Away From Home Beginning October 1, 2022

ThomsonReuters

The IRS has announced the special per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2022. Employees must still substantiate the time, place, and business purpose of their travel expenses.) Contributing Editors: EBIA Staff.

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Are Employees Taxed on Their Personal Use of Frequent Flyer Miles Earned by Business Travel?

ThomsonReuters

QUESTION: When our employees travel for business, they earn frequent flyer miles. to buy vacation travel)? ANSWER: Many employers allow their employees to make personal use of frequent flyer miles earned on business travel. These features generally do not result in income when a personal card is used for personal spending. (In

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23 Tax Deductions for Business Owners

Viking Mergers

Business Travel Expenses Depending on your industry, you or your employees may need to travel out of town for business. Publication 463 (2021), Travel, Gift, and Car Expenses | Internal Revenue Service (Accessed January 2023) 4. 453 Bad Debt Deduction | Internal Revenue Service (Accessed January 2023) 5.

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Standard Mileage Rates for Business, Medical, and Moving Expense Purposes Will Increase in July

ThomsonReuters

For travel on or after July 1, 2022, the business standard mileage rate is 62.5 The rate when an automobile is used to obtain medical care—which may be deductible under Code § 213 if it is primarily for, and essential to, the medical care—is 22 cents per mile for travel on or after July 1, 2022 (up from 18 cents per mile).

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What Are the Tax Consequences of Providing Per Diem Payments for Employee Travel Expenses?

ThomsonReuters

QUESTION: Our company would like to simplify reimbursements for business travel expenses by paying employees a fixed amount for each travel day regardless of incurred expenses. The rates for travel within the continental United States are available on the website of the General Services Administration.

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Meal Portion of Per Diems Eligible for Temporary 100% Business Expense Deduction

ThomsonReuters

As background, Code § 274(n) generally limits otherwise allowable deductions for food or beverage expenses to 50% of the expenses. The guidance also applies to self-employed individuals and the limited group of employees that may take an above-the-line deduction for business travel expenses.) Contributing Editors: EBIA Staff.

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Seller’s Discretionary Earnings Explained

Viking Mergers

of automobiles, personal travel, personal meals and entertainment, etc.). Typical expense categories (places to check on your tax returns / P&Ls) are: owner medical or life insurance travel automobiles meals and entertainment dues and memberships. Seller’s Discretionary Expenses. See notes below for more information. +.

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