Business travel is a very different kind of travel than regular commuting or leisure traveling. For instance, business travel is undertaken by a business for a specific purpose. It is also considered an expense. In addition, many people feel that it is not as enjoyable as leisure travel.
Expense reimbursement is a method of reimbursing employees for their business travel. The IRS requires that businesses reimburse their employees for their expenses. Employees must substantiate the time, place and business purpose of their travel, as well as the actual cost of their travel. Fortunately, there are a variety of options for businesses to reimburse their employees.
For example, if you choose to reimburse employees for the business-related expenses of traveling on official business, you can use a standard mileage rate. Alternatively, you could use a per diem rate. Per Diem rates are similar to the standard rate, but they do not require a receipt.
Another option is to provide an allowance for incidental expenses, such as meals. However, you cannot reimburse your employees for less than a full day’s stay in a hotel or other lodging.
You can also reimburse your employees for their healthcare costs. These expenses are not tax deductible to the employee, but they can be deducted as ordinary business expenses. There are numerous ways to stay safe while traveling.
Hotels can also use social media to reach out to potential guests and promote their services. Millennials and other digital nomads are very price sensitive, and they look for good work-life balance.
