AnnetteB6
Expert Alumni

Business & farm

IRS Publication 463 provides detailed information describing the records you must keep to document business expenses.  You would only be asked to provide those records in the event your return is audited, but you should keep the information for your own records.

 

For a flight, you would need a credit card statement showing the charges, a record of the dates of the flight, the location, and the business purpose for the trip.

 

For business meals, you would need the receipt, the name and location of the restaurant, the number of people served, and the date and amount of the expense.  If all of that information is on the receipt, then that is adequate.  Otherwise, you should have a record showing the complete details of the expense.

 

Take a closer look at Chapter 5 in IRS Publication 463 for more information.

 

@est3ban129

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