IRS Publication 463
Definition of 'IRS Publication 463'
The first paragraph of IRS Publication 463 provides an overview of the deductibility of travel expenses. It explains that travel expenses are only deductible if they are incurred while you are away from your home and are for the purpose of your job. The publication also lists some of the common types of travel expenses that are deductible, such as transportation, lodging, meals, and incidental expenses.
The second paragraph of IRS Publication 463 discusses how to calculate the amount of your deduction. It explains that you must first determine the total amount of your travel expenses. This includes the cost of transportation, lodging, meals, and incidental expenses. You can then deduct the amount of your travel expenses that is more than 50% of your adjusted gross income.
The third paragraph of IRS Publication 463 provides information on what records you need to keep. It explains that you must keep receipts for all of your travel expenses. You also need to keep a log of your travel activities, including the dates of your trip, the places you visited, and the purpose of your trip.
IRS Publication 463 is an important resource for anyone who wants to understand the deductibility of travel expenses. The publication provides clear and concise information on this topic, and it is a valuable tool for taxpayers who are trying to claim travel expenses on their taxes.
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