QUESTION: What beats taking a dream vacation? ANSWER: Charging it all off as a business expense! That’s right. If you create a solid business reason for taking your trip, and you can throw in enough business hours while you’re away, you can write off your entire vacation as a deductible business expense. Want to fly first class? No problem. Want to stay in the … [Read more...]
Travel
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How to deduct “lodging” costs under new IRS rules
Until recently, the IRS wouldn’t let you deduct expenses for lodging in your local area… or as the IRS calls it, your “tax home.” (Your tax home is generally the city or locality in which you work most of the year.) But there’s good news! The rules have changed, which means there are hefty deductions for business owners who: Drive a lot for business and occasionally find … [Read more...]
Buying a motor home with Section 179 in mind
Thinking of buying a motor home? Be careful! You see, your ability to take advantage of a section 179 deduction is somewhat in limbo. It’s possible that lawmakers will reinstate last year’s limits on section 179 expensing. Or maybe they won’t. And that’s the point. The status of the law is unclear at this time. Which is why, in my new article, I’ll examine the gamble you’ll … [Read more...]
How to supercharge your travel deductions
If you ever travel away from home on business, my new article makes “must” reading. Why? Because if you know how to play the business-travel deductions game, you can save a ton of money. Want to learn when you can deduct business-travel meals and lodging, and how to turn “personal days” into “business days”? You’ll get this information and a lot more when you read my new … [Read more...]
Crucial steps to deducting conventions, seminars, and meetings
Want to deduct the cost of a trip to a convention, seminar, or similar meeting at a beautiful resort? Especially one held in an exotic location? Then there’s an important fact you should know. The tax law divides the world into two zones: Inside North America Outside North America Why does this distinction matter? Because it affects the way you can deduct related … [Read more...]