Deduct The Cost Of Travel

If your primary motive for taking a trip is business-related, you can deduct all airfare, car rental and lodging expenses.  You can even deduct 50% of all meals while you're away from home.  You're not allowed to deduct trips that are primarily vacations, but there's nothing wrong with enjoying yourself in your spare time while you're on a legitimate business trip. 

	Deduct The Cost Of Travel   Time to complete:   The time will fly by much too fast! Money you'll spend:   Travel and convention costs What you'll get:   $280 per year, if you go to one convention per year and spend $1000 on travel (assuming a 28% tax rate.) List of Travel Tax Tips:  If your spouse is on the company payroll, you can deduct travel costs for both of you. If you extend your stay after completing business at your destination, you must then stop deducting meal and lodging expenses. Business conventions are considered tax-deductible, but social or investment-related conventions are not. You can deduct the costs associated with local travel too. If you have a business meeting or convention aboard a cruise ship, you can deduct up to $2000 of your travel expenses. Read this BankRate.com article on Vacation home tax breaks if you want to learn how to deduct the mortgage costs of your vacation home. Sponsored Links Further Reading: Tax And Accounting Sites Directory, listing a large number of online tax sites. Business Travel Magazines, 90-day risk-free trials available. Tax Magazines to help you save on taxes, 90-day risk-free trials available. J.K. Lasser's Tax Deductions for Your Small Business, a top-rated book now available at Amazon.com.  It shows small business owners exactly how to minimize their tax bite, while maintaining legal and accurate records.

More pages in this section:
	1. Fringe benefits
	2. Home office
	3. Equipment costs
	4. Hire your kids
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	7. Dining expenses
	8. Business Taxes Links
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