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Your guide to travel expense solutions

In the hustle of daily business activities, business owners and solopreneurs face the daunting task of keeping up with travel expenses. Proper management of these expenses is crucial for financial clarity and can also significantly influence tax deductions and reimbursements.

In this guide, we’ll help you understand and manage business travel expenses, offering practical advice on streamlining your processes, ensuring compliance, and automating expense tracking.

Understanding business travel expenses

For small businesses and solopreneurs, managing travel expenses presents unique challenges. Proper expense management is crucial not only for maintaining a healthy budget but also for ensuring that all business travel expenses are accurately recorded for tax deductions and employee reimbursements. This task can be streamlined through an array of travel management solutions designed to simplify the process of tracking and reporting expenses while maximizing potential savings.

Travel expense categories

Managing business travel expenses can be a multi-faceted task involving various categories, each with its tax deductibility rules. Here are some common business travel expense categories :

Flights : Airfare for business-related travel is generally tax-deductible.

Hotels : Accommodation costs incurred for business purposes can usually be deducted.

Meals : 50% of the cost of meals during business trips is typically deductible.

Ground Transportation : This includes car rentals, train tickets, and taxis for business travel, which are usually deductible.

Miscellaneous : This may include tips, internet charges, and business calls, often deductible for business needs.

Planning and budgeting

Proper planning and budgeting are crucial elements of successful business travel. The process begins with identifying the trip's purpose and crafting a detailed itinerary. Key considerations should include the travel dates and duration to optimize cost and productivity. Also, research and choose potential destinations and accommodation options that align with the business objectives while remaining cost-effective.

Reporting and reimbursement

Regarding expense management for traveling, clear expense policies are vital for facilitating employee reimbursements and maintaining financial control.

Employees typically incur expenses like transportation costs, lodging, meals, and incidentals during their business travels. To ensure smooth operations and fiscal responsibility, have a clear and accessible expense policy document. It should detail acceptable expenses and provide guidelines on spending limits. The reimbursement process should also be outlined, ensuring employees understand how to report their expenses.

A structured travel and expense management solution simplifies this process. Corporate travel management solutions, like Expensify Travel , can automate expense tracking and reporting, making it easier for businesses to manage their travel expenses and for employees to get reimbursed promptly.

Here’s an example of what an expense policy document might include:

Eligible travel expenses examples : Transportation, lodging, meals, etc.

Spending limits : $50 per meal, $150 per night for lodging, etc.

Reimbursement process : Submit expense forms with receipts within 10 days of returning to get reimbursed for travel expenses .

Streamlining travel expense management

Travel management solutions optimize handling business travel expenses through enhanced tracking, faster reimbursements, and centralized organization, ensuring that every dollar spent is accounted for effectively.

One of the top benefits of a travel management solution is the ability to track and categorize business travel expenses effortlessly. With such systems in place, expenses incurred during travel can be logged systematically, offering realtime insights into spending patterns and helping businesses stay within allocated budgets.

Booking business travel

Using a travel management solution to book your business travel gives you potential access to better deals on airfare, hotels, and car rentals. These systems often offer discounted rates that are not available to the general public. Additionally, they provide a consolidated itinerary, which helps keep track of plans and meetings, thus streamlining the booking process.

Expensify stands out as a robust travel management solution that simplifies expense reporting. Here’s a quick glimpse of how Expensify can make booking business travel easier:

How Expensify Travel helps you manage your travel expenses

Expensify Travel is specially designed to simplify how to track travel expenses for businesses of all sizes. With our mobile app, say goodbye to the stress of expense reporting with features such as receipt scanning and automated categorization, allowing you to capture and organize expenses on the go.

Using Expensify Travel has several benefits:

Receipt scanning : Snap and upload receipts instantly.

Automated categorization : Expenses are sorted with ease.

Mobile app : Manage expenses anytime, anywhere.

Travel planning and booking : Streamline your itinerary.

Prepopulated expense rules : Only see inventory in policy.

Soft and hard approvals : More control on spend. 

Collaborative trip rooms : To support employees more with their travel.  

But we don’t just stop at tracking. Expensify helps you with planning and booking, equipping you with the tools to maintain accurate travel expense reports, and ensuring that every dollar spent is accounted for, all with unparalleled ease.

Travel expense management: Additional tips and best practices

Here are some additional tips and best practices to make the process of travel expense management more efficient:

Save receipts electronically : Transition to electronic means using a receipt scanning app. This ensures all receipts are well-organized and accessible for travel expense reports.

Set spending limits : Reasonable spending caps, particularly for meals and entertainment, can help control costs without impeding the travel experience. The Expensify Card does just that; with Smart Limits , it caps unaccounted-for expenses so you don’t get any surprises. 

Plan in advance : Early bookings for flights and accommodations generally secure better rates, offering substantial savings.

Separate business and personal expenses : Diligently separate personal expenditures from business ones to simplify expense tracking and ensure accurate reporting.

Utilize travel work tools : Embrace business travel management solutions for seamless tracking, categorizing, and compiling expense reports. These tools save time and reduce errors.

FAQs about travel management solutions

Does my employer have to pay my travel expenses.

Generally, if travel is required for your job and takes place within your usual working hours, employers are typically responsible for covering those expenses. This can include transportation, lodging, and meals. However, policies vary greatly between companies, and some expenses may be subject to limits or require prior approval. Check your employment contract, the company's travel policy, or consult with the HR department.

What is the maximum you can claim on travel expenses?

The IRS does not specify a maximum claim limit for travel expenses. Instead, these expenses must be ordinary and necessary for business operations. However, to be deductible, travel expenses must be substantiated with adequate records or evidence to support the expenditure. Moreover, certain expenses like meals are subject to limitations—such as the 50% deductibility rule—and must conform to the current per diem rates established by the General Services Administration (GSA) for travel within the continental United States and by the Department of State for international travel.

Can I claim travel expenses if I am self-employed?

When self-employed, you can claim travel expenses to work if they are solely for business purposes. This includes trips to meet clients, travel between job sites, or attending business conferences. However, daily commutes from home to a permanent workplace are not typically deductible.

Other than airfare and ground travel, what other expenses to consider while traveling?

Managing travel expenses extends beyond just airfare and ground transportation. Other significant costs to consider are:

Accommodations: from budget hotels to luxury resorts.

Meals and entertainment: restaurant bills, groceries for self-catered stays, and networking event costs.

Connectivity: roaming charges, internet access, and Wi-Fi hotspot rentals.

Insurance: travel insurance policies to cover health emergencies or trip cancellations.

Registration fees: for conferences, workshops, or trade shows.

Miscellaneous: includes tips, laundry, currency exchange fees, and other incidentals.

How much do you get per mile for travel expenses?

According to the IRS , the standard mileage rate for a car, van, pickup, or panel truck for business miles driven in 2024 is 67 cents per mile. This rate is designed to cover not just the cost of gas but also the wear and tear on the vehicle. Remember to check the current rates each year, as they can change based on fluctuations in the cost of operating a vehicle.

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Shaelyn is a PNW resident whose main hobby is trying new hobbies. For now, you can probably find her knee-deep in the river, making noise on a ukulele, or in the garden getting overly excited about growing a new vegetable - always with her two rescue pups by her side.

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The Travel Corporation To Be Acquired by Asset Management Fund

The Travel Corporation (TCC), one of the travel industry’s legacy brands, has agreed to be acquired by Apollo Private Equity, TTC announced Tuesday morning. The deal is expected to close in the fourth quarter of 2024. 

The news means that TTC will now move away from the Tollman family for the first time in its 104-year history, a huge change for one of travel’s most storied brands. The deal will include most TTC brands including Uniworld, Contiki, Insight, and more. Most notably, it will not include Red Carnation Hotels, one brand that will remain under the stewardship of the Tollman family.  

In a statement announcing the news, TTC Chairman Brett Tollman said, “without a next generation to lead TTC, the time has come in our strategic succession plan to select a new owner.”  

“We will support a seamless transition and are confident the team at Apollo will continue driving the business forward to meet growing global demand for touring, river cruising, and specialist and adventure travel,” Tollman said.  

TTC was founded by Stanley Tollman, the son of Jewish Lithuanian immigrants who escaped Czarist Russia to South Africa. Tollman would start what would become TTC with the purchase of the Nugget Hotel in Johannesburg in 1954, eventually growing the company into an international travel powerhouse with more than 40 brands. When Tollman passed in 2021 , TTC had more than 10,000 employees spanning 70 countries worldwide.  

Apollo is an international alternative asset manager with over $670 billion in assets under management as of the end of March 2024, including stakes in Las Vegas’ Venetian Resort, Diamond Resorts, Yahoo, and more. Michele Raba, a partner at Apollo, said that she believes that “we can take [TTC] to the next level” under its management.  

“We’d like to thank the Tollman family for trusting in our good stewardship of the business they’ve built for more than a century and look forward to an exciting next chapter in which TTC can serve as a platform for growth,” Raba said.  

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While things are recovering, there is expected to be a carryover effect through Friday.

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Travel and tourism sector deal activity down by 12.6% YoY in H1 2024: GlobalData

M&a deals declined by 7.4% during h1 2024 compared to h1 2023.

A total of 347 deals (comprising mergers and acquisitions (M&A), private equity, and venture financing deals) were announced in the global travel and tourism sector during the first half (H1) of 2024, which was a year-on-year (YoY) decline of 12.6% compared to the 397 deals announced during the same period in the previous year, according to GlobalData, a leading data and analytics company.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Even though there was a decline globally due to a dent in deal-making sentiments, the trend was a mixed bag across different markets and regions, with some countries contributing to the decline while some experienced improved activity. And the same was the case for the deal types under coverage.”

An analysis of GlobalData’s Deals Database revealed that the volume of M&A deals declined by 7.4% during H1 2024 compared to H1 2023, whereas the number of venture financing deals fell by 29.6% YoY. Meanwhile, private equity deal volume remained at the same level.

North America, Asia-Pacific, the Middle East and Africa, and the South and Central American regions witnessed YoY decline of 31.7%, 14.5%, 11.1%, and 41.7% in deal volume during H1 2024 compared to H1 2023, respectively, whereas Europe saw YoY growth of 11.7% in deal volume.

Similarly, the US, China, Australia, and France witnessed a YoY decline in deal volume by 31.5%, 46.4%, 18.8%, and 40%, respectively, during H1 2024 compared to the same period during the previous year. However, markets such as the UK, India, and Japan saw respective deal volumes grow by 7.9%, 12%, and 18.2% YoY in H1 2024.

Airbus outperforms Boeing in APAC commercial aircraft market: GlobalData

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TikTok needs to build trust and ensure data security to win in ecommerce space, says…

Travel and tourism industry deal activity plummets by 41% YoY in January-May 2023

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Understanding retirement needs

• How much do you need to retire comfortably?
• How much to save based on age

Building your retirement savings

Adjusting for inflation, lifestyle, and healthcare costs.

• General rules of thumb
• Seeking professional advice

How Much Do I Need to Retire? A Complete Guide to Retirement Planning

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• Target savings will vary for each future retiree, depending on one's expenses and current salary.
• Many advisors recommend saving 15% of your earnings annually or even more if you are getting a late start.
• Multiple income streams and a conservative withdrawal rate ensure you don't run out of money.

Acquiring adequate retirement savings doesn't happen overnight. For most people, saving enough for retirement requires decades of dedication and strategic financial planning . But how much do you actually need to save to ensure a comfortable retirement? 

Here are the best retirement plans , calculators, investment strategies, and tips you can use to ensure your retirement savings plan is on track. 

Assessing your retirement needs

Unfortunately, there's no general number to aim for when saving toward retirement. Your target retirement savings goal will differ greatly from your siblings', neighbors', and even your coworkers' goals since the amount you'll need largely depends on personal factors.

However, one rule of thumb applies to everyone: The sooner you start saving, the less effort you'll need to put in to reach your goal, and the better-positioned you'll be later in life. 

According to the 2024 MassMutual Retirement Happiness Study , the average age for retirees in the U.S. is 62. If you were to live to 85, this means you'd need enough money to cover all your expenses (and retirement goals) for at least 22 years. Economic factors like inflation will also certainly impact your savings over time.

Estimating your retirement expenses

Understanding what you expect retirement to look like will help determine how much you'll need to fund that lifestyle. If you plan to travel the world in luxury, your budget will differ from someone wanting to bird watch from the backyard each morning.

In retirement, your savings will cover many of the same expenses you had pre-retirement. This includes costs like food, housing, transportation, clothes, gifts, utilities, insurance (including a health plan), and travel.

In most cases, these expenses won't change much from pre- to post-retirement, which makes creating a budget easier. But if you have big plans for your retirement years (moving to a new state or country, buying a bigger home, increasing travel, etc.), you must calculate how much your new standard of living will cost. 

How much do you need to retire comfortably? 

The first step to adequately saving for retirement is to determine how much you'll need. This means analyzing current and future expenses and deciding how much you can afford to put away each month. You may also want to use a number of different savings and investment vehicles or passive income streams.

Financial advisors suggest saving around 10 times your current salary by the time you reach retirement age. Before you retire, you should aim to reduce your annual expenses as much as possible, including paying off existing debt. This can help stretch your retirement savings for even longer. 

As always, it's wise to consult with a trusted financial planner to help you determine your unique needs and retirement savings strategy.

How much to save for retirement based on your age

One way to see if you're on track to reach a comfortable retirement savings is to aim for a multiple of your current annual earnings. This serves as a rough estimate so you can get a better sense of your situation. Remember that the amount of savings required to ensure a comfortable retirement varies according to your projected retirement costs and even the specific investments you choose for your retirement portfolio.

According to Fidelity , here's how much you should have saved up each decade to meet your retirement goals:

Financial advisors recommend dedicating 15% of your annual income toward retirement. However, depending on your retirement goals, financial obligations, and current assets, you may need to save even more.

Types of retirement accounts (401(k), IRA, etc.)

There are multiple savings vehicles and income streams to consider for building your nest egg. These can affect how much you need to save today, depending on which sources of income are available to you.

Some of the most popular types of retirement accounts include: 

• 401(k) plans: Employer-sponsored investment vehicles with compounding power and tax advantages to help you grow your nest egg steadily over time. Money in a 401(k) can be invested in various securities, and your contributions may even be matched by your employer, amplifying your efforts. Funds can be distributed without penalty beginning at age 59 ½, or earlier with certain exceptions.
• IRAs: IRAs are retirement accounts individuals open through major banks, credit unions, and other financial institutions. The best IRA accounts include traditional, Roth, SEP, and SIMPLE IRAs. IRAs have the same tax advantages as 401(k)s but offer more flexibility over how your funds are allocated.
• Traditional pension plans: Traditional pensions are another employer-sponsored investment vehicle certain businesses offer. With a pension, your employer is responsible for contributing and investing the funds in your account. The amount contributed is determined by employee earnings and years at the business. 

Outside of savings accounts, other ways to generate income during retirement include:

• Social Security benefits: Social Security is a government program that provides individuals with monthly retirement and disability benefits. You can opt-in to start receiving Social Security benefits as early as age 62, but you'll receive lower payments. Financial experts recommend delaying Social Security until you reach full retirement age (age 70). 
• Annuities: Annuities are another retirement income source to consider. They're offered by insurance companies and act as a long-term investment vehicle. After purchasing an annuity — either with a lump sum or periodic purchase payments — you will receive regular payments over the course of your retirement.

Planning for inflation in retirement

Remember to consider inflation and its impact on your savings. For instance, in 2024, there have been inflation rates of 3%, following the 3.3% increase in 2023 and the high 6.5% rate in 2022. Generally, you should account for inflation of approximately 2% per year.

However, certain economic, political, or natural disasters can cause unexpected spikes in inflation. In those cases, you may experience significant financial losses that require you to permanently or temporarily adjust your lifestyle and budget. One of the best ways to hedge against inflation and market downturns is by continuing to invest after retirement . 

Healthcare costs and long-term care planning

Try to account for potential unexpected expenses, such as medical care for you and your spouse or even financially helping a child or grandchild.

"The most common expense that a retiree can ignore (or forget to budget for) is end-of-life expectancy expenses," says Jim Ludwick, a CFP and member at Garrett Planning Network . "This includes caregivers coming to your house, going into assisted living, or skilled nursing. Those are very expensive parts of people's lives. And a lot of times that can eat up quite a bit of savings if it goes on for an extended period of time."

Downsizing and lifestyle adjustments

When planning your retirement lifestyle, consider where you want to live. You may want to downsize depending on your preferred lifestyle, savings amount, and priorities. That said, your priorities may be buying your dream retirement home or moving to a certain location. In this case, be sure that you factor those larger expenses into your budget.

Retirement planning general rules of thumb

While everyone's situation and needs will differ, there are a few primary rules of thumb that most financial advisors follow, which you should consider when determining how much to save for retirement.

Retirement income as a percentage of pre-retirement income

Many financial professionals recommend that you account for between 70% and 80% of your pre-retirement income each year in retirement. This means that if you currently earn $60,000 per year, you should plan to spend between $42,000 to $48,000 annually once you retire. 

This isn't a set rule for everyone, and you may need to even account for more savings. "Many people need to have income streams (or savings and investments) cover 80%, 90%, or even 100% of their pre-retirement budget," Ludwick says. It all depends on your specific expenses now and in retirement.

Saving 15% of your earnings every year

If you start saving for retirement early enough, an annual savings rate of 15% may be sufficient to meet your goals. If you're off to a late start, you may need to save a lot more each year to catch up. 

"As you get older, the amount needed for savings to reach the same end goal roughly doubles every 10 years," says Tolen Teigen, chief investment officer for FinDec . "So, if someone waits ten years to start saving, instead of 30, they are now 40. Instead of 8% to 10% annually, they are now looking at 16% to 20% saved to reach the same end number."

Saving 10 times your income by retirement age

As mentioned above, many financial advisors and firms like Fidelity recommend having approximately 10 times your annual salary saved by the time you reach retirement age. While this may not be exactly what you need, it's a good target to keep in mind as you go. You can always adjust it depending on your projected needs in retirement.

The 4% withdrawal rule 

Many retirees are concerned about running out of money once they reach retirement. The 4% rule may be a good guideline to avoid this. While many factors can affect the actual drawdown process, the 4% rule can be a good place to start if you want to avoid running out of money.

This rule states that retirees can withdraw up to 4% of their retirement savings in year one of retirement. So, if you have $2,000,000 in retirement savings, you would withdraw $80,000 that first year. In year two, you would adjust that $80,000 for inflation and withdraw that amount from your savings.

Keep in mind that while the 4% rule is standard, some financial advisors say your actual withdrawal percentage could be anywhere from 3% to 5%.

Seeking professional advice when retirement planning

There is no one-size-fits-all approach to saving for retirement. Everyone's needs will be different, and so will their approach to saving, including when they start and how much they can set aside each year. Consulting with a certified financial planner or other retirement expert is the best way to understand your unique needs.

"Planning ahead and checking in on your efforts" is key to saving enough for the retirement years, Ludwick says."It's dangerous when you're 75 and realize you're running out of money and you have to move in with a younger sibling or something." 

His advice? "If you want to stay independent, do your homework ahead of time. Think about all those things that could possibly happen. If they don't happen, you're lucky … and your kids and grandkids can have a nice gift that you leave behind."

You can calculate how much you need to retire by assessing your expected expenses, considering your desired lifestyle, current expenses, projected inflation, and healthcare costs. Business Insider's free retirement calculator can help you see if you're on track to secure a comfortable retirement. You can also use other rules of thumb, such as having an annual savings rate of 15%.

The 4% rule in retirement planning suggests withdrawing 4% of your retirement savings each year to prevent you from prematurely running out of money for at least 30 years. It's a general guideline to help estimate how much you need to save. However, some advisors recommend more or less than that rate.

You can maximize your retirement savings by regularly contributing to tax-advantaged retirement accounts like 401(k)s and IRAs to maximize employer matching contributions, investment opportunities, and compound interest. Generally, it's best practice to max out your retirement accounts first. Also, adopt a diversified investment strategy for greater portfolio growth and risk management.

The sooner you start planning for retirement, the easier it will be to compound your savings and reach your goals. Starting in your 20s and 30s allows more time for your investments to grow. It's still possible to catch up if you start in your 40s or 50s by saving more aggressively and adjusting your strategy, but it will be generally more stressful. 

Common mistakes to avoid in retirement planning include underestimating expenses, waiting to start saving, relying too heavily on Social Security, failing to diversify investments, spending too quickly, and not accounting for healthcare costs and inflation. The best way to avoid these common mistakes is by creating a thorough financial plan and consulting a financial advisor.

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You can spend time exploring the galleries in Electrostal History and Art Museum in Elektrostal. Take in the museums while you're in the area.

• Cities near Elektrostal

• Places of interest
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• Peter the Great Military Academy
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• Balashikha Arena
• Balashikha Museum of History and Local Lore
• Pekhorka Park
• Ramenskii History and Art Museum
• Orekhovo Zuevsky City Exhibition Hall
• Malenky Puppet Theater
• Noginsk Museum and Exhibition Center
• Saturn Stadium