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Expense It! Travel Expenses That Everyone Forgets to Track

Posted on: November 7th, 2014 by admin

limo service westchester, westchester limo, NY limo, limo service NYCAre you tracking all of your travel expenses? You might not be! There are some major travel expenses that many people forget to count — and they can add up. Of course, not all companies cover all expenses, and some companies may offer a per diem instead, so make sure that you discuss all expenses with your company beforehand.

Lookin’ Good: Laundry Services

Did you need to send something down to the laundry while you were traveling? This is an expense that is usually covered — but that everyone tends to forget. Dry cleaning bills are also often expense-worthy if it was clothing that you needed during your business trip.

Don’t Forget — Tips Count!

Whether you’re tipping for a meal or tipping for a ride, remember that tips get folded into the actual cost of the item. Now, you need to be reasonable — your company might not want to reimburse you for a $50 tip on a $20 meal, after all — but the IRS itself will count this as a meals and entertainment expense, netting the company a 50% deduction.

Roaming: Data and Voice Plans

Even if your company doesn’t ordinarily pay part of your cell phone cost, they will usually reimburse you for any of your data and voice while you are traveling. This includes long distance calls you may need to make while abroad, calls made from the hotel phone (such as if you can’t get service in the area), any data upgrades you need (so that you can work on things while away) and any additional minutes you use (because you’re doing work). Make sure you get a copy of your bill for backup!

Taking on the Town: Entertainment Expenses

Whether you’re taking a client (or investor) to a ballgame or an opera, remember that entertainment expenses do count. If you decide to catch a show or even just go to an event at a local pub, you should be able to get your costs reimbursed. However, there is one catch: you will need to have discussed business at some point during this time so that your company can write it off as a business expense. Make sure that you write down what was discussed!

Of course, sometimes the problem isn’t knowing which expenses to track — it’s tracking it at all. You may have the best of intentions, but if you can’t keep track of your expenses easily, it may just fall by the wayside. Consider getting one of the many free apps for smartphones that let you track your expenses with ease. You can also use credit cards instead of cash to make the process easier.

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