Businessweek Archives

A Welcome Irs Change

Frontier -- Trends

A Welcome IRS Change

Say goodbye to that file full of restaurant receipts. The Internal Revenue Service has raised the level for required documentation of food, travel, and entertainment expenses from $25 to $75. That means you no longer need to save the receipt from every single business engagement. For expenses that are under $75, a less formal record, such as an entry on a business calendar, should suffice. The new rule, which took effect on Jan. 26, marks the first time that the level has been raised in more than a decade and should be welcome news for owners of small and home-based businesses that do the bulk of their deals someplace other than the office. See you at the steakhouse.

Race, Class, and the Future of Ferguson

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

blog comments powered by Disqus