GOOD NEWS, business travelers! Keeping track of business expenses while you're on the road just got easier, thanks to a little help from the IRS.
Previously, businesspeople had to maintain receipts for travel and entertainment expenses of $25 or more; now, the threshold has been raised to $75. The change should allow business travelers to ease up on the multitude of receipts they previously had to amass-especially for low-budget items like food.
Business travelers must also deal with the burden of keeping personal and business expenses separate. "People tend to cross over these boundaries, and that's where it gets to be a lot of work to try to keep track of it all," says Dave Juedes, a CPA in Costa Mesa, California.
To further decrease the headaches associated with tracking expenses, consider using a separate credit card for business expenses so you can easily distinguish between your personal and business charges.