Combine business and pleasure on vacation
Friday, May 28th, 2010
Memorial Day weekend being the unofficial beginning of vacation season, we hope you are looking forward to some time off this summer. Being the committed businessperson you are, you may be thinking of combining business and pleasure on your vacation trip. The Tax Code might help by making part of the trip deductible. This article gives you some tips on claiming some of the trip expenses as business deductions.
The keys:
- Don’t try to overreach with questionable items like a token business meeting for the sole purpose of claiming an entire day for business. “Ordinary and necessary” expenses are deductible.
- Keep records and receipts of every expense you intend to deduct, including names and business purpose. If a convention or seminar is part of your plan, save agenda info or a brochure too.
Whether you combine business and pleasure on your vacation or get away from the everyday, we hope you truly enjoy your time off!