Chapter 4 discussions - e. Springfield, MO Bob is a...

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George is employed as a sales manager for a computer manufacturer.  His employer does not have an accountable  expense reimbursement plan.  George paid for $3,000 of travel expenses.  How will the travel expenses be treated in  George's tax return? His expenses can be deducted as long as he has kept record of the amounts spent, dates traveveled, destinations  and reason.  Meals are subject to 50% deduction. Are there any certain circumstances that must be met to deduct these items?  Please explain.   Also, are there any limitations if those circumstances are met? Go to the IRS Web site ( http://www.irs.gov ) and find the most recent IRS Publication 1542, Per Diem Rates.  What is    a.  Flagstaff, AZ b. Palm Springs, CA c. Denver, CO d. Kansas City, MO
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Unformatted text preview: e. Springfield, MO Bob is a self-employed lawyer and is required to take a week of continuing legal education every year to keep his license. This year he paid $1,000 in course fees for his continuing legal education in a different city. He also paid $500 for airfare and a hotel room and paid $260 for meals. What is the total amount he can deduct on his Schedule C related to these expenses? Sherry moved to Chicago in the current year to take a new job after being laid off from her job in San Diego. she incurred $5,000 of costs moving her household goods, $300 for a one-way airplane ticket to Chicago, $800 for her first month's rent, and $500 for restaurant meals while looking for the apartment and staying with a friend. How much can Sherry claim as a moving expense?...
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This note was uploaded on 11/29/2010 for the course ACC 102 taught by Professor Me during the Spring '10 term at Central Methodist University.

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Chapter 4 discussions - e. Springfield, MO Bob is a...

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