Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?
Whether you are on business trips every week, or are about to embark on your first trip ever, one of the most common question is which receipts to save when tracking your business expenses. When doing business taxes, there are many write-offs available to claim from business trips, so here are some receipts you should keep handy.
Any travel expenses can be deducted from your business taxes. This can include airfare, bus fare, rail or even taxi services. Further, travel related expenses such as baggage charges should also be tracked and receipts saved. The expenses associated with operating a car may also be deducted, including car rentals and fuel.
Hotel and Lodging
Hotel expenses and lodging are also able to be deducted while on business trips. This includes other costs such as cleaning or laundry services, and tips that may be left for service staff.
The cost of meals can also be partially deducted as a business expense. Make sure any meals that you have while on a business trip you save the receipts for, as these can quickly add up.
Some additional expenses where receipts should be saved may include the following:
– Laundry expenses
– Telephone/Fax expenses
– Conference fees
– Equipment rentals
Any business expenses from a business trip will need to be primarily related to the business to be deductible. Further, if a spouse or another individual not connected to the business trip joins you, then any expenses they incur are not deductible for business taxes.
If you have any questions, or need help and assistance with your business taxes, talk to the Chartered Professional Accountants at Naicker and Associates. They will be able to help you track and get the most out of your business trip expenses.