When tax time comes around, qualifying for the travel-and-entertainment deduction can be a massive headache for growing companies, whose record-keeping and self-auditing procedures sometimes leave much to be desired.
Here are two good no-frills brochures that should help:
"Travel and Entertainment Expenses," a free brochure from accounting firm Grant Thornton (312-856-0001), offers a comprehensive approach: readers will learn about the tax regulations and risks associated with everything from claiming expenses allocable to a spouse to entertaining clients at a hunting lodge.
"Meal, Entertainment and Travel Deductions" is yet another entry in Price Waterhouse's excellent Tax Information Planning Series. (For a free copy, ask for TIPS-49 from your local Price Waterhouse office.) In 24 easy-to-read pages, you'll learn such essentials as alternative methods of tax substantiation and how to tell the difference between "directly related" and "associated with" entertainment. -- Jill Andresky Fraser