I’ll bet you’ve been building up quite a stash. I’m talking about all the frequent flyer miles, hotel reward points, and credit-card cash rewards you’ve accumulated. The important question here is, what are the tax implications of using all these rewards? Should they be treated as income? Are they taxable? Are they deductible? You’ll get straight answers when you read … [Read more...]
Travel
Sorted by Date
Audit-proof your vehicle and entertainment deductions
A letter arrives in your mail box. It’s from the IRS. It seems they want to go over your vehicle and entertainment deductions. What’s that? You can’t back up all your deductions with a detailed log and an organized file of receipts? Well then, welcome to a world of pain. If you want to avoid getting crushed by an IRS audit, now is the time to act! What’s the first step … [Read more...]
Turn a two-person “seminar” into a deduction
Here’s a ruling of the Tax Court you should be aware of … In the Jones case, the Tax Court decided that one-on-one training constitutes a “seminar” for tax purposes. This precedent-making finding opens the door to some exciting tax-free travel opportunities. Want to find out more and then book a flight to Florida or St. Thomas? Read my new article titled Tax … [Read more...]
A quick guide to foreign-travel deductions
Do you travel abroad on business? Then here’s some good news … If you know how to plan your trip correctly, you can combine business and pleasure and deduct most, if not all of the cost! My advice? Before you buy your tickets and pack your bags, read my new article titled Tax Tips: Foreign Travel: Combining Business and Pleasure. Three ways our fact-filled article can … [Read more...]
How coin, stamp, and baseball card collectors can keep the IRS happy
Are you a collector of coins, stamps, baseball cards, or other items? If the answer is “yes,” you should also start collecting some important tax information. For starters, you should know that your collecting activities will fall into one of four IRS-determined tax categories: Hobby Investment Trader Dealer Depending on how the IRS categorizes your collecting … [Read more...]