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Kristina, the owner of a catering company, needs business advice. She recently traveled to Massachusetts for a week and spent five days on business and two days to visit his family. While she was gone, one of her food trucks was damaged partially by vandalism and two grills were stolen. She is distraught. She does not know how to report the business expenses from her trip or the loss sustained from the vandalism and stolen grills.
What are the potential tax consequences and what kind of record-keeping do you advise Kristina to maintain?
Were there any components of the Tax Cuts and Jobs Act that impacted this area of the tax law?
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