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Many years ago, the Beatles wrote a song called “Eight Days a Week.”
If the IRS heard this song, they’d rush out and start writing rules that regulate travel-deductions taking place on the eighth day. They love this stuff!
Yes. The IRS thrives on rule-writing,
nitpicking, and complexity.
However… if you take a very close look at the IRS tax codes, (which I do all the time!), certain useful generalizations emerge. Here are a few…
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- It makes sense to know which personal days become business days when you travel for business. Why?
- The business-day classification creates deductions for “sustaining life” for the day. In other words, you can deduct breakfast, lunch, dinner, lodging, taxis, Uber trips, and more.
- The business-day classification determines your transportation cost (think airfare) for the cost of travel to and from your destination.
- Plan your trip so you turn personal days into business days. Why?
- If you know how to handle things the right way, you can create a personal-day, business-day travel plan that will give you lots of vacation time and hefty business deductions!
- EXAMPLE: On a seven-day trip to London, six personal days and one business day makes the airfare fully deductible. The reason for this rule? The IRS!
Of course, in this short space I can’t go into the whole subject of travel deductions, important though it is. But I can give you complete and very valuable information when you…
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