taxes

Are you Taking Advantage of “Business Vacation” Tax Breaks?

If you are a small business owner, holding an annual business meeting away from home can be a tax-efficient way to combine an important element of running a business with a personal vacation.

You can deduct certain travel expenses, such as transportation (including to and from your destination), lodging, and meals, if the travel has a primary business purpose. Whether or not your travel is prim

If you are a small business owner, holding an annual business meeting away from home can be a tax-efficient way to combine an important element of running a business with a personal vacation.

You can deduct certain travel expenses, such as transportation (including to and from your destination), lodging, and meals, if the travel has a primary business purpose. Whether or not your travel is primarily for business reasons depends on all the facts and circumstances, but this can generally be proved by showing that at least half of the days away from home were business days. Only expenses incurred on these business days will be deductible – if a day is considered a personal day, expenses incurred on those days will not be deductible.

Proving that your travel was primarily for business, and not pleasure, requires good record keeping and good planning. You’ll need to keep a log of the time spent during your trip discussing your business and working on a plan for your business for the coming year. But if you can show that more than half of your days were business days, you could write off the costs of plane tickets and some of your hotel for a four-day weekend getaway.

Please consult your tax advisor before implementing any tax saving strategies. If you would like to speak with someone in our office regarding the content in this article, please contact us at 502-753-0609 and we will be happy to assist you. The statements contained herein are not intended to constitute written tax advice within the meaning of IRS Circular 230 §10.37. These statements are solely intended to communicate general information for discussion purposes and should not be interpreted as written tax advice nor should they be relied on as such.

Sources: Code Sec. 162, Reg. Sec. 1.162-2, Reg. Sec. 1.274.5T, Heineman v. Comm’r, 82 T.C. 538 (1984).

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