This Web site contains a compilation of more than a thousand consumer finance
columns written by Tony Novak from the 1980s through 2006, updated and reformatted for
maximum usefulness today. New material was added after
2010.
Content is the opinion of the author and does not represent the
position of any other person or entity. Information is from sources believed to
be reliable but cannot be guaranteed.
The author is paid for product endorsements and has an ownership or
other financial interest in the businesses related to the topics
covered.
Submit consumer finance questions at OnlineAdviser.org and health insurance questions at
OnlineNavigator.org
FreedomBenefits.net Insurance Exchange
- your source of valuable information on state and federal health reform
benefits.
Core Health Insurance
- America's favorite mini-med insurance with affordable premiums, freedom
to choose providers, optional PPO discounts and guaranteed eligibility
regardless of medical conditions.
Please support the Web sites that make publication of AskTony
services possible.
Business travel expense reimbursement
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: I reimburse my employees for
travel expenses on a tax-free basis. Can this include expenses incurred
while on vacation?
A: No, travel expenses that are
not for business purposes are regular taxable income, subject to all
wage taxes. This could create a tax problem and recordkeeping mess for
the employer. This is why most employers require receipts and verify
most travel expense reimbursements before making a tax-free
disbursement. In the event of audit, the burden is on the employer, not
the employee, to show that these payments qualify for tax-free status.
Summary
More resources:
resource list goes here
