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 lodging within their local area
- Want to stay at a hotel the night before (or during) a business activity across town
- Find a good business reason to enjoy a hotel “staycation” locally
To find out how you can take advantage of the IRS’s largesse, read my new article titled Tax Tips: 3 Rules Ensure That You Can Deduct Lodging Expenses under New Regs—Even When You’re Staying Close to Home!
Three ways our fact-filled article can help you:
- We’ll explain why the new deductions are so valuable. EXAMPLE: If you spent $3,700 on deductible lodging over the past year, depending on your tax bracket, you could save up to 28% ($1,036!). You’ll get all the details when you read the full article.
- You’ll learn how to comply with the “safe harbor” rules. There are three rules you have to follow if you want Uncle Sam to approve your deductions. We’ll explain all three fully when you read the full article.
- We’ll show you how to keep necessary records. The IRS requires that you keep a receipt of your lodging expenses and provide four crucial pieces of information. Don’t worry. They’re easy to come up with and keep as we’ll explain when you read the full article.