The world of business expenses can feel tangled and complicated when you’re running a company. Over the years, Justworks has written a lot of information on business expenses, covering everything from knowing tax write offs to allowable expenses.
This roundup will help you sift through the noise and find the information you need to run your business expense policies smoothly.
This step-by-step post will show you how to set up an expense reimbursement plan. It will also make submitting business expenses easier for your employees.
Specifically, this article covers:
A summary of how to make an accountable plan
A sample of an accountable expense reimbursement plan, from IRS requirements and definitions to travel expenses and company credit cards
Without proper substantiation, business expenses may be treated as taxable income, forcing employees to pay the taxes. This article outlines how to get it right.
Specifically, this article covers:
Why business expense substantiation matters
Reimbursing business expenses on a fixed-date method or periodic statement method
How to provide adequate records and sufficient evidence of valid business expenses
The safe harbor principle can be applied to the substantiation of the cost of certain business expenses related to travel.
Specifically, this article covers:
How safe harbor allowances reduce the burden of substantiation
Fixed and variable rate (FAVR) allowance
Per diem amounts
Confused about the requirements for making expense reimbursements? This step-by-step guide makes it simple.
Specifically, this article covers:
The requirements for an accountable plan
Why your business should have one
Discover what kind of employee reimbursement expenses are considered taxable income, and learn how to handle compliance for your business.
Specifically, this article covers:
How to build an expense plan to reimburse employees for business expenses
Which employee expenses are valid
Whether reimbursed business expenses become taxable wages
Complying with the IRS’ rules for expense reimbursement
Expense policies differ greatly based on your company’s size and need. But any expense policy must be thorough, detailed, and fair.
Specifically, this article covers:
How to create a business expense policy
What it should include, from travel expenses to food and entertainment
Creating different policies for different departments
How to enforce and update your policy
Did you know that providing mileage reimbursement can offer tax breaks for both the employer and the employee? Here’s how to get started.
Specifically, this article covers:
How to set up mileage reimbursement
What counts as valid travel expenses for business
Standard mileage reimbursement rates
It’s inevitable: employees will eat when traveling for work. So when employers pay for business meals, what are the costs?
Specifically, this article covers:
The IRS definition of tax deductible expenses
When the cost of providing meals is tax deductible
Whether those costs should be added to your employee’s income
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