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If your business travel takes you to where family or friends live, I’ve got a great idea for you.
Instead of staying overnight at a hotel in their area, and giving your money to a giant corporation, why not stay with your mom and dad, or a close friend, and give them rent money?
When you use this strategy, you’ll get a nice tax deduction for yourself and give them tax-free income!
How does this strategy work?
Here’s an example: Let’s say you travel to a convention, rent your parents’ guest room for five days, and pay them $1,000 fair rent. (Or whatever the fair rent amounts to.)
All you have to do is deduct the $1,000 as a business travel expense, and your parents get $1,000 of tax-free income. Totally legally!
To make this work, there are rules you’ll have to follow.
Want to get all the details about how to check into the hotel of mom and dad, and all come out winners? Easy…
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“Traveling on Business?
Stay at the Mom and Dad Hotel”