What Travel Expenses Are Deductible for Business?
As a small business owner I would like to take advantage of all of the legal write-offs I can for my business. Which by the way is one of the benefits of being in business for yourself! Since it’s that time of year again be sure you’re getting all of the benefits too.
Going back through information from Sandy Botkin (formerly an IRS Attorney), I came across some helpful tips:
“According to the IRS, you are considered “traveling” if you are away from home long enough to require sleep. In that case your lodging is deductible as well as your transportation costs. Business travel expenses allow deductions of 100%, except for your meals when traveling. You can only claim up to 50% of the legitimate expenditures for meals. (Different rules apply if entertaining clients).
If your business trip does not require an overnight stay, then only your transportation costs would be deductible. Your meals would not be deductible.”
I’m leaving for Mexico tomorrow and plan to work part of the trip, will any of it be deductible? Come back and I’ll let you know!
Until next time, J.
“Take control of your destiny or someone else will”
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February 05 2010 07:24 pm | HowTo Business Questions, Wealth Strategies
February 5th, 2010 at 9:13 pm
Great, timely advice, Janet as usual. Thanks for your leadership!
Bob
Bob Clarke´s last blog ..The Real Definition of POWER to a Network Marketer
February 6th, 2010 at 6:33 pm
Looking forward to hearing all about your trip and yes about business tax advantages when one gets to travel, too!
Theresa Cahill´s last blog ..Too Personal? That Just Might Be Your Problem
March 1st, 2010 at 12:02 pm
I read your other article about tax tips and found them both very useful, thank you for the good information. I will be reading the rest of this blog and I hope there is some relevant information on hotels, as that is what I searched for!
Mary