Monday, January 19, 2009

Tax tip#2 Business Travel

You may deduct 100% of your on the road expenses but only 50% of your meal costs.

You don't need receipts for expenses under $75 (each expense) However you need to have documentation of these expenses in a diary or tax organizer.

Note: I am not a tax expert. I am reading the book "Lower Your Taxes Big Time" by Sandy Botkin.