If you run your own business, it’s pretty safe to say that record keeping is one of the many administrative monkeys on your back.
Which is why the idea of a set-dollar travel per diem may seem mighty appealing. Think of it—instead of tracking every dollar you spend on travel meals and lodging, you just deduct a fixed amount and call it a day. Easy peasy.
Not so fast.
As with many things in the tax code, there’s a catch with this appealingly simple plan. Read on to learn about the business owner trap and then decide whether you want to use per diem expensing for yourself in your business. ... Log in to view full article.