18 min
Deducting Business Travel Keep What You Earn
-
- Entrepreneurship
With travel so expensive at the moment, it's natural to wonder how you could make that upcoming trip deductible. The best thing you can do is plan ahead and get in touch with your accountant to discuss your goals.
The entire point of a business trip must be business if you want to deduct it all. If your primary reason for going to the destination is business but you extend your stay for vacation or personal matters, you can only deduct the business-related expenses.
Another requirement has to do with your tax home, the place you do the majority of your business regardless of where you live. When you travel for business it needs to be far enough outside of your tax home that it would make sense for you to stay the night.
Maybe you're still wondering what kinds of activities can make it a business trip. Training, seminars, conferences, meeting with clients or future clients, meetings with vendors or future vendors, scouting office real estate, attending live events, podcast recording, video shoots, team retreats, and the list goes on.
If it makes sense for YOUR business then it can be deducted, be sure to always check with your accountant or tax pro before your trip so you can be prepared!
* Related episodes:
196. How to Handle Suspicious Tax Pros
201. How to Deduct Medical Costs and Self-Employed Health Insurance
204. Live Q&A: Will Anyone Actually Buy My Offer?
* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/
* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so
* Hire us: https://www.fitnancialsolutions.com/accounting
* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
* Find me on IG @shannonkweinstein
* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
With travel so expensive at the moment, it's natural to wonder how you could make that upcoming trip deductible. The best thing you can do is plan ahead and get in touch with your accountant to discuss your goals.
The entire point of a business trip must be business if you want to deduct it all. If your primary reason for going to the destination is business but you extend your stay for vacation or personal matters, you can only deduct the business-related expenses.
Another requirement has to do with your tax home, the place you do the majority of your business regardless of where you live. When you travel for business it needs to be far enough outside of your tax home that it would make sense for you to stay the night.
Maybe you're still wondering what kinds of activities can make it a business trip. Training, seminars, conferences, meeting with clients or future clients, meetings with vendors or future vendors, scouting office real estate, attending live events, podcast recording, video shoots, team retreats, and the list goes on.
If it makes sense for YOUR business then it can be deducted, be sure to always check with your accountant or tax pro before your trip so you can be prepared!
* Related episodes:
196. How to Handle Suspicious Tax Pros
201. How to Deduct Medical Costs and Self-Employed Health Insurance
204. Live Q&A: Will Anyone Actually Buy My Offer?
* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/
* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so
* Hire us: https://www.fitnancialsolutions.com/accounting
* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
* Find me on IG @shannonkweinstein
* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
18 min