Bennett Financials, a premier provider of Tax Planning, Bookkeeping, and CFO Services, has released The Ultimate Guide To Business Travel and Tax Deductions, which details how to turn any trip into a deductible business trip.
Oak Ridge, United States - June 18, 2021 /PressCable/ —
Bennett Financials, a premier provider of Tax Planning, Bookkeeping, and CFO Services has released The Ultimate Guide To Business Travel and Tax Deductions, which details how to properly deduct business travel expenses, as well as two little-known ways to turn any trip into a deductible business trip.
According to Arron Bennett, Owner of Bennett Financials, “It’s common knowledge that travel directly related to business, such as attending conferences, traveling to acquire new business or investment property, board meetings, etc. are tax deductible. But what business owners may not know, is that pretty much any trip can be turned into a business trip, including exotic vacations and weekends, as long as you follow the guidelines set forth by the IRS.”
The article defines three major IRS guidelines:
1. How the IRS defines business travel, and the rules that apply in order to claim tax deductions on said travel
2. The types of expenses that are eligible for deductions
3. How to determine a legal business day
The article also explains how to ‘wrap weekends.’ For example, if a weekend, holiday, or other necessary standby day falls in between two business workdays, they count as business days. Especially if it would not be practical to return home on those days because of the time required or the expense involved.
So if both Friday and Monday are designated work days and fit the eligible criteria, then the entire weekend converts into business standby days. That equates to an extra two days’ worth of tax deductions for living expenses for a little over four hours of work. This also applies for any day work was attempted, but outside circumstances prevented it from happening, or if travel occurs a day or two earlier or later because the costs would yield significant savings.
And lastly, the article explains how business owners can travel to exotic locations using the 7-day travel rule. The 7-day travel rule allows a 100 percent deduction of transportation costs to a business destination even if only one day was spent working and the rest of the time on the beach.
Under the general rule, when traveling outside the United States away from home in pursuit of business, deductions only apply to the expenses allocable to the pursuit of business. But there are two exceptions. This article explains those exceptions and how the 7-day travel rule can be used to create a short vacation at a nice resort or exotic location without fear of losing the business expense deductions for transportation.
Business travel is inevitable. The tips featured in this article can help business owners turn those inevitabilities into tax deductions and in some cases, weekend and exotic location getaways.
To read the full guide, visit https://bennettfinancials.com/business-travel-tax-deductions/. Also, both of these guides, Business Mile Deduction and Travel Expense Deduction, will provide more tips to maximize business travel tax deductions.
Name: Arron Bennett
Email: Send Email
Organization: Bennett Financials
Address: PO Box 5472, Oak Ridge, Tennessee 37830, United States
Release ID: 89029055