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Simple English definitions for legal terms
travel expense
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A quick definition of travel expense:
A travel expense is money spent on things like food, lodging, and transportation while away from home for work or business. It's a type of expense, which means it's something you pay for to achieve a certain result. Other types of expenses include things like rent, salaries, and supplies. Some expenses, like travel expenses, can be tax-deductible, which means you can subtract them from your income when calculating how much you owe in taxes.
A more thorough explanation:
Travel Expense
A travel expense is an expenditure of money, time, labor, or resources incurred while away from home in the pursuit of a trade or business. This includes expenses for meals, lodging, and transportation.
- John is a sales representative who travels to different cities to meet with clients. He incurs travel expenses for his flights, hotel stays, and meals.
- Samantha is a consultant who travels to different countries to provide training to her clients. She incurs travel expenses for her flights, visas, and transportation.
These examples illustrate how travel expenses are incurred when someone travels away from their home for business purposes. These expenses are necessary to accomplish a result and are chargeable against revenue for a specific period.