Travel and entertainment expense,
Definition of Travel and entertainment expense:
An expense incurred by an employee while he/she is traveling for business purposes or entertaining a business client. Examples of traveling expenses include money spent on lodging, transportation, and meals. Entertainment expenses may include taking a client to dinner, to a theater show, or to a sporting event. Travel and entertainment expenses are usually tax-deductible. However, it is vitally important that the employee keep supporting documentation such as receipts, mileage logs, etc. in order to claim the deduction. Some companies reimburse their employees for these expenses with funds set aside in a specific account.
Meaning of Travel and entertainment expense & Travel and entertainment expense Definition