What is an Expense Report?

Answer:
An expense report is a detailed report which

tracks expenses incurred while a job is performed. Many of these expenses are tax-deductible when they are tracked correctly and receipts are kept. Employees may also keep expense reports to ensure that they are compensated for expenses incurred on behalf of their employers.

Expense reports allow a company to see, at a glance, how much a particular project costs. They may be used as yardsticks to keep overall costs down, and they are also sometimes utilized in reviews of employees and departments. Most companies require that expense reports be submitted in a very clear and rigid format so that they are easy to keep track of.

These expenses may include travel, food, lodging, and specialty supplies which must be purchased for a specific job. Regulations about tax-deductible expenses are very strict; make sure that you understand these regulations completely before attempting to take deductions from your tax return.


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