Sponsored Links :
Standard Meal And Motel Deductions
It is that time of the year when you have to start getting ready to file your tax returns. Did you know that you can get standard meal and motel deductions? Yes, you can. If you are traveling on business away from home and the standard meal and motel expenses are necessary for your business, it can be considered for deductions. |
|
In case of lodging, reasonable amounts have to be spent on motel. Lavish or extravagant amounts are not considered for motel deductions. Further, the Internal Revenue Service does not mention that the standard motel amount should be similar to standard meal amount.
In order to take advantage of standard meal and motel deductions, it is important to maintain some type of main residence so you have the same address on all the W-2 forms at the end of the year when you are filing in tax returns.
If you travel from one place to another on work and you do not maintain a main residence, the IRS will label you as a transient worker and this will disqualify you from standard meal and motel deductions. However, if you maintain a main place of stay, you can get standard meal and motel deductions. The standard meal allowance is approximately $30 a day.
Remember to keep all receipts for standard meal and motel deduction as long as the amount spent is not excessive. If you cannot get receipts make sure you maintain your expenses along with the date in order to get standard motel and meal deductions. The IRS accepts hand written receipts as proof of expenses.
More Articles :
|
