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Travel & Entertainment

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  4. What is the amount that receipts for business transportation and entertainment expenses are required ?

What is the amount that receipts for business transportation and entertainment expenses are required ?

Generally, IRS no longer requires receipts for business transportation and entertainment unless the expense exceeds $75. A business diary with details of the time, place, person you met with and the reason for the meeting should always be maintained. Your expenses for lodging always require detailed receipts, regardless of the amount.

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