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Small business travel expenses have soared higher than big business travel expenses, according to a new report. That could mean big deductions for your company come tax time.
On average, small businesses spend 24 percent more per year on travel expenses than their big-business counterparts, according to Concur, a business travel and expense management company that recently issued its "Expense IQ Report" for 2013.
Where is all that money going?
According to Concur, here's how small business travel expenses add up:
While your small business may spend more or less on travel than what's listed in Concur's report, remember that you may be able to deduct much of these travel expenses in your business taxes.
These commonly will include expenses like lodging, airfare (that you've paid for, not that you get for free with frequent flier miles), meals and other necessary costs incurred while away on business, including mileage and gas expenses.
To learn more about the tax consequences of your business travel expenses, it may be wise to consult an experienced tax lawyer near you.
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