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3 Travel Expenses to maximize your Tax Savings
Deducting Travel Expenses to Reduce Tax Payments
Business owners may perform business travel for several reasons. Often, owners are hesitant to take travel related deductions or are unaware that using some simple strategies, they can combine travel deductions and vacation.
Travel for New Business
If you travel to identify new locations, potential mergers and acquisitions, or to acquire new investment property, all is deductible under business travel. Traveling to and from the location (in addition to costs like Uber, lodging, etc.) during days that you conduct business or meetings are all deductible.
Conferences and Seminars
Traveling to attend seminars and conferences is also deductible. Travel to and from the location for the participants is deductible, including lodging for the conference or seminar nights. Non-related business days are not deductible.
If you are clear about your business purpose, board meetings in resort locations can be deductible. For example: promoting the attendance of board members.
Did you know you can often tack vacations when you travel to seminars and conferences? I can help you determine the proper travel expenses to plan your next free vacation:
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