TAX TIP TUESDAYS!
TIP: Keep accurate records of travel and entertainment business expenses!
The tax law allows you to deduct travel and entertainment expenses related to the relative conduct of your business. However, you must maintain “adequate records” to substantiate travel and entertainment expenses. You can’t deduct amounts that are approximated or estimated.
The Hutt Company offers outstanding tax service nationwide PLUS provides guidance to help identify the types of documentary evidence generally considered “audit proof.”