Careful! If you’re deducting travel expenses you’d better know what you’re doing or the IRS may come calling. It doesn’t matter whether you operate your business as a corporation or a proprietorship. You still need to record your tax-deductible travel expenses in an IRS-approved manner. And they can be sticklers! If you want to learn how to keep your tax-deductible … [Read more...]
Travel
Sorted by Date
How to deduct that trip to sunny Jamaica
Ahh, Jamaica! There you are on that beautiful island for nine sun-drenched days. You’re there to work, of course, but you also want to spend time lounging on the beach with a Daiquiri in hand. Let’s interrupt this fantasy for a moment to ask a rather mundane and practical question. (I am an accountant after all!) “What part of this idyllic trip is deductible — and what … [Read more...]
Which conventions and seminars qualify for a deduction
Do you attend business conventions, seminars, or similar meetings? If you do, don’t assume that you can automatically “write off” your attendance expenses. The fact is, you could lose those valuable deductions if the event is held in the wrong location. Or if the “wrong” group of people are in attendance. Or if your purpose for attendance doesn’t meet the standards required … [Read more...]
How to maximize your travel-expense deductions
It’s a pity that so many business owners don’t deduct all the travel expenses that the IRS allows. And it’s not surprising that they’re missing these hefty deductions. You see, the tax code is filled with so many rules and regulations it’s hard to know exactly which deductions you’re entitled to. That’s where my new article comes in. It lists practical and completely legal … [Read more...]
How to deduct travel by car, train, plane, or boat
If you travel (even a little), you need to know the different modes of transportation you can use and the unique rules and regulations that the IRS applies to cars, trains, planes and boats. Want to find you how to maximize your travel deductions, even when you combine a pleasure with business? Read my new article titled Tax Tips: How to Deduct Travel by Car, Train, Plane, or … [Read more...]