Travel & Entertainment

Generally, the IRS requires 2 types of records for substantiation. You should maintain a diary (calender diary recommended)or account book to list the place, time, who you met with, and the business purpose of your travel and entertainment. Receipts, itemized bills or similar statements for lodging are needed regardless of the amount.For other expenses of $75 or more a receipt is needed. A bill should show the amount of the expense, the date of the expense, where the expense was incurred and the nature of the expense.