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Business Owners' Top Ten Tips for a Tax-Deductible Business Vacation

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If you own a business, discover how to turn your next vacation into a legitimately tax-deductible business trip. Tips from Marcia Yudkin, creator of the Udemy.com course, TAKE YOUR BUSINESS ON THE ROAD.

Find out about the course at http://www.tinyurl.com/biztrav44.

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Business Owners' Top Ten Tips for a Tax-Deductible Business Vacation

  1. 1. Business Owners’ Top Ten Tips for a Tax-Deductible Business Vacation
  2. 2. by Marcia Yudkin
  3. 3. 1. A “bizcation” is time away from home that allows you to relax/enjoy/unwind, while scheduling just enough business activities to make your trip tax-deductible. Ahhhh!
  4. 4. 2. When you satisfy IRS requirements on business travel, you can deduct all or most of your lodging, food, transportation and other travel-related expenses for that trip on your taxes.
  5. 5. 3. IRS taxpayer publication #463 says: "Count as a business day any day your presence is required at a particular place for a specific business purpose. Count it as a business day even if you spend most of the day on non-business activities."
  6. 6. Accordingly, create a legitimate business reason why your presence is required for some small portion of every weekday at your vacation location.
  7. 7. 4. For example, do business research at your destination. On one trip to Maui, I checked out many hotels and towns as locales for a future seminar. I kept notes in case of an audit.
  8. 8. 5. Visit past, current or future clients at your destination. It’s OK if these meetings could have taken place by phone. Even the IRS gets that face-to-face time solidifies relationships.
  9. 9. 6. If you publish a blog or newsletter, invite subscribers who live at your destination to meet you at a certain spot at a certain time. Call these discussions “focus groups.”
  10. 10. 7. For a road trip, create a route with small business obligations, appointments or events along the way. I deducted a 20,000-mile, three-month North American tour this way.
  11. 11. 8. If you’re an author, visit bookstores and sign copies of your books there – or donate signed copies to public libraries along your route.
  12. 12. 9. Note that deductibility rules are much stricter when it comes to foreign travel. But domestic destinations include Hawaii, the Virgin Islands, New Orleans and lots more great places.
  13. 13. 10. Keep track of what you spend, and save receipts for all expenditures over $75.
  14. 14. Consult your tax advisor on all of this, of course!
  15. 15. Jazzed about the possibilities and want to learn more?
  16. 16. Check out my Udemy course, “Take Your Business on the Road,” with $10 off from this link: www.tinyurl.com/biztrav44
  17. 17. Happy business travels!
  18. 18. Marcia Yudkin marcia@yudkin.com www.yudkin.com @marciasmantras

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