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Resource Center / Finance

The Ultimate Roundup on Business Expense Policies for Your Company

Meals. Trips. Supplies. This overview walks you through how expense reimbursements work, along with how to set up a policy and report those expenses.

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Justworks
Sep 26, 20163 minutes
How to set up expense reimbursements for your small business.

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.

Expenses 101

Expenses 101: Preparing an Accountable Expense Reimbursement Plan

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

Expenses 101: Proper Substantiation of Business Expenses

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

Expenses 101: Safe Harbor Employee Expense Allowances

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

Expense Reimbursements

The 3 Requirements for Making Expense Reimbursements

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

Business Expenses: A Beginner's Guide To Building A Plan

Why do businesses need an accountable expense plan?

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Are Reimbursed Expenses for Employees Considered Taxable Wages?

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 on Travel and Food

Build the Best Expense Policy For Your Company

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

How Does Mileage Reimbursement Work?

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

Providing Business Meals to Employees: What Are the Costs?

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

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.