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When i was traveling back and forth to minnesota to help train. the company paid for my flights. eventually they hired me and gave me a lump sum relocation offer. Do i need the receipts where the company paid for me to fly out? or do i only need the flight receipts where I PAID FOR MY OWN FLIGHT?
That depends on many things by the IRS and you may want to talk to your tax prepeare about the specifics. Some may be deductable under one condition but not under another condition. I travel all over the world as an employee and as a contractor for other companies. Sometimes the contracted company pay my expenses, other time my company covers some cost, other times I pay the cost as business expenses on taxes. It comes down to a checkerboard and if your on the white or the black and if your moving vertical and not horizontal, but horizontal is alright if you first did a diaginal move but only stayed on the black unless yuou sidestepped two moves on the white . Complicated and thats why I pay a person to figure out all the weird rules. Your probably much simpler but its always best in these things to get a pro looking at it as travel and moving expenses is a IRS red flag for audits. If it looks smelly they come a sniffing.
You won't be able to claim anything the company paid for on your taxes. Flights you paid for and were not covered under the lump sum given for relo can probably be itemized as a expense related to work but it can be tricky. You can try entering it all in on Turbo Tax and see how it looks, you don't pay until you file so just your time is used. If it all still seems too confusing bring it to a pro.
When i was traveling back and forth to minnesota to help train. the company paid for my flights. eventually they hired me and gave me a lump sum relocation offer. Do i need the receipts where the company paid for me to fly out? or do i only need the flight receipts where I PAID FOR MY OWN FLIGHT?
You don't really need receipts for all that either. The IRS allows a flat, per-day rate to be claimed, but you'll need to talk to your tax preparer about how much you can claim and under what circumstances.
i think i worded it wrong. im doing my taxes. are these travel expenses taxable if i didnt pay for them and the company did?
Recently I did consulting for a company I where I used to work. They paid all travel expenses and these are not taxable to me. Of course all salary is taxable to both state and federal. I filled out estimated taxes each quarter.
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this is for my income taxes
. Complicated and thats why I pay a person to figure out all the weird rules. Your probably much simpler but its always best in these things to get a pro looking at it as travel and moving expenses is a IRS red flag for audits. If it looks smelly they come a sniffing.
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