The ability to write off travel expenses for work is a huge benefit when it comes to doing your taxes, but how exactly does it work? What can I write off and what should I avoid? 

What the IRS says

Have you ever wondered what you can write off for your business when it comes to travel? 

Well according to the IRS website “you can deduct travel expenses paid or incurred in connection with a temporary work assignment away from home.”

What qualifies

So what does that mean? To keep it simple its best to keep in mind this list of reasons to write off a travel expense. 

 

  1. Meeting with a customer or client 
  2. Meeting with a vendor or affiliate that has to do with your business 
  3. A board meeting (yes you can hold board meetings in Hawaii) these typically occur annually 
  4. Visiting a rental property in a city where you do business  (you can use as an airbnb while you aren’t there)
  5. Attending a training or workshop 

More info

Most important thing to remember is that the reason for travel is first and foremost business. 

Another important thing to remember while you travel for work is that all your meals whether or not they are eaten in a work meeting can be written off for 50%. 

Let’s do an example. Say you have a business trip in Vegas. You arrive Thursday, work Friday and need to stay Saturday and Sunday in order to work monday. Normally those days in between work days will not count as a write off but the IRS says that if you work Monday and are stuck somewhere over a weekend you can technically count those days as part of your business trip. 

Always keep track of your travel expenses so that they are ready for when you file your taxes. If you do have questions or need help filing your taxes and knowing what to write off set up a meeting with your accountant. Use this link to set up a meeting with us!  

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