When do I deduct the business expense for an event? When I pay for it, or when I attend it?

I am a sole member PLLC. I attended an event over the weekend out of state (hotel, meals, mileage, and the cost of the event itself).

I PAID for the event on 1/26 but attended on 4/13. The travel, meals, lodging all billed out on 4/13 and 4/14 (hotel was refundable, so didn't bill to my company card until 4/14) All expenses were on the company credit card.

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1 Best answer

Expert Alumni

Apr 16, 2024 5:59:15 AM

Your expenses are deducted when you pay for them. If your credit card wasn't billed until 4/14, then you didn't pay for it until 4/14 so that is when you would count it as an expense.

Expert Alumni

Apr 16, 2024 5:59:15 AM

Your expenses are deducted when you pay for them. If your credit card wasn't billed until 4/14, then you didn't pay for it until 4/14 so that is when you would count it as an expense.

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When do I deduct the business expense for an event? When I pay for it, or when I attend it?