A lot of entrepreneurs are flying in to Metro Manila this week to take part in the Franchise Asia 2011. And so, we here at Entrepreneur.com.ph compiled four reminders that will help you make the most out of your business trip to Metro Manila.
• Leave no stone unturned.
Some business travel expenses, such as transportation, meals and entertainment (limited to 50 percent), are obvious. But don’t forget smaller outlays like baggage, shipping for samples or display materials, laundry, phone calls and tips.
• Mix business and pleasure.
If your trip is mainly personal, you can’t deduct transport costs. But you can deduct business lunches and business equipment you buy, as well as lodging for the nights following days during which you do a significant amount of business.
• Be careful about your significant other.
A spouse’s travel costs can be deducted only if the spouse is your employee, and if his or her presence on the trip serves a business purpose.
• Know the rules for meals and entertainment.
To document these, you must record five items: date, place, amount, name of person, and business discussed. A convenient solution is to use a credit card and take notes on the receipt.