travel questions

Travel Questions

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Sandy Botkin
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I was giving a seminar in Las Vegas. Yes, I know it is a hard life but someone has to do it. Being in Las Vegas reminded me of many questions that I get regarding business travel. Here are a few:

  1. Can we deduct expensive dinners such as eating at a steak house or buffet?
    When on business travel, you can deduct 50% of your meals. There is no limit to this. Thus feel free to eat out at a buffet or steak house and eat away at your taxes in both US and Canada.
  2. Can I deduct liquor that I consume or buy for business guests?
    Absolutely, in both US and Canada. Do you think Congressmen are going to pass a low disallowing liquor? They are the biggest boozers around.
  3. I have some dry cleaning done at the hotel. Can I deduct this?
    Not only can you deduct any dry cleaning and laundry, in both US and Canada, incurred at the hotel, but as long as the clothing got soiled on your trip, you can deduct the first dry cleaning cost that you incur when you get home.
  4. What do I need receipts for?
    In the US, you don’t need receipts for any business travel expenses under $75. I would keep them anyway, but if you lose one or forget to get one, don’t sweat it. The one exception is for lodging, where you do need receipts regardless of the amount. For Canadians, they must have a receipt if it is available.

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