question.jpgIn Federal Income Tax

What records do I need for deducting travel and entertainment expenses?

You need particular records evidencing those meal and entertainment expenses that you deduct. In particular, you should keep all receipts or itemized bills for all expenses, particularly those totaling more than $75. In addition, you should keep a log or diary showing individual expenses, including details about the amount, the date, who was involved, what their relationship to you is, and what the business purpose of the meal or entertainment was.