Want to trade the cold winters up north for the warmth of your tax-deductible sunny Florida home?
And in the summer, wouldn’t it be great to move back again to your cooler Massachusetts personal residence?
You can do it and deduct your trips between the two locations if you know the tax law. We’ll explain three tax-planning basics that apply to these travels, whether deducted on your Schedule C or reimbursed by your corporation or partnership.
The bottom line? You’ll get the lowdown when you read my new article titled Tax Tips: Tax Planning to Winter in Florida and Summer in Massachusetts!
Three ways our fact-filled article can help you:
- We’ll help you locate your “tax home.” It’s vitally important to know what a “tax home” is and where it’s located. You incur deductible travel expenses when you pursue business away from your tax home overnight. All will be explained when you read the full after-tax-reform article.
- You’ll learn why recordkeeping is so important. Tax law requires that you keep excellent travel records on a timely basis. If you neglect retaining these records you can get in trouble fast as we’ll explain when you read the full article.
- We’ll give you some really good advice. For every travel day, record where you were and why you were there. We recommend getting all the receipts you can and relying on the $75 rule (which we’ll explain), only when needed. We’ll give you all the important details when you read the full article.