Can you deduct your business travel?

The IRS has tips to determine deductibility of travel-related expenses. Businesses and self-employed individuals can deduct business travel costs. Employees who pay out of pocket for business travel can’t (the miscellaneous itemized deduction for unreimbursed employee business expenses is suspended through 2025). Employers may set up accountable plans, explained in Chapter 6 of IRS Publication 463, to reimburse employees for these costs tax free while obtaining deductions for the company. #IdeaoftheDay

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