Travel expenses are among the most common business expense deductions. However, this type of expense is also one of the most confusing. When you travel for business, you can deduct many expenses including the cost of air fare, operating your car, rental cars, taxis, lodging, meals, and other travel expenses. The IRS has created a set of rules delineating what costs are deductible and how much of a trip must be business-related in order to deduct its costs. Expenses must be ordinary, necessary and reasonable. A travel expense is a type of business expense. Therefore, you must be able to meet the general business expense requirements in order to claim a deduction. Similarly, the costs related to a spouse or other companion accompanying you cannot be deducted unless that person is your employee and is traveling for a reason genuinely related to your business.
To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.