Time Off As a Business Expense

<p> Wouldn’t you like to take time off this summer and write it off as a business expense?  Here are some things you need to know about keeping track of your travel expenses.  <p>

<p> Travel expenses include lodging, meals, and entertainment. Tax payers who travel away from home on business may deduct related expenses including the cost of reaching their destination.  Also you may deduct the cost of lodging, meals, and any other ordinary and necessary expenses.   A trip is considered traveling away from home if you are gone substantially longer than an ordinary day of work.  <p>

<p> Weekends can be considered business days if a business meeting is held during the course of the day.  This is regardless of location.  For example nothing is stopping you from having your next business meeting on the beach in Florida, or in the mountains in Colorado.  Saturday and Sunday can also be written off as business days if the costs of staying overnight are less than the cost of airfare if you travel after Saturday. <p>

<p> Transportation expenses include those costs involved in getting you to and from your destination.  Road expenses include those costs necessary to sustain life while on the road.   Keep travel logs noting the mileage on your car at the beginning of the day, and the mileage at the end of the day.  These miles can then be written off regardless of whether you are traveling alone, or if your car is packed with seven of your family members along for the trip. <p>

<p> As far as writing off lodging is concerned make sure to keep your receipts.  Lodging expenses must  be reasonable and appropriate.  In the IRS eyes extravagant expenses are not allowed.  This means that you shouldn’t pick the most expensive hotel when traveling.  Choose a nice; reasonably priced hotel and you’ll be fine. <p>

<p> For more information log onto pfbs.com. <p>