Modern day business often moves at a very fast pace. Employees managers, sales staff, and technicians frequently need to travel out of the office for a variety of reasons. This might include daily operations, overnight deliveries, attending continuing education, meeting with outstate clients, conferences, or traveling to an industry trade show.
In these times, many employers help shoulder some of the costs by providing an expense account or a per diem daily spending allowance. This helps the individual to manage the potential unforeseen cost of traveling, purchasing meals, and attending various events.
Some of these expenses can later be deducted from your annual tax statements. However, not all of them are applicable under changing state and federal tax regulations.
Here at Larson Company of Utah, our various offices and tax preparation specialists can help you understand the possible deductions associated with employee travel costs. This can help you maximize your corporate tax return, while also limiting the number of potential red flags, which could increase your risk of an audit from the State or the Internal Revenue Service.
If you need a professionally trained benefits auditor for your employee benefits or insurance plan, you should call 801-313-1900 to speak to a representative at Larson Company.