Imagine sitting on a pristine beach, with nothing on your mind, except perhaps deciding where to go for dinner, signing up for that ocean fishing excursion you’ve been dreaming about for way too long, or treating yourself to a shopping spree at some quaint Mexican shops. Now, imagine that is is all tax deductible... yes, tax deductible!


Imagine sitting on a pristine beach, with nothing on your mind, except perhaps deciding where to go for dinner, signing up for that ocean fishing excursion you’ve been dreaming about for way too long, or treating yourself to a shopping spree at some quaint Mexican shops. Now, imagine that it is all tax deductible... yes, tax deductible!

You can make your next vacation tax-deductible, including the travel days by simply combining business with pleasure.

In this economy, both leisure and business travel have become more of a challenge. Corporations, sales organizations, and other groups find it necessary to cut back on business travel. However, you can benefit from tax allowable deductions through training opportunities conducted by credible instructors.

Here’s an example: You take a seven-day vacation to Cabo San Lucas, Mexico. Depending on your starting point, you spend one day of travel getting there, two days with a seminar component, and another travel day to get back home. The other three days you spend enjoying the exotic delights of Cabo. Since the majority of your stay was for business purposes, you are allowed to deduct:

  • Round-trip airfare, or the standard mileage allowance if you drive

  • Taxi fares and/or car rental

  • Hotel lodging expenses, including tips

  • All meals (standard business meal 50% deductible)

These apply whether you are an employee working for someone else, are self-employed, sole proprietor, or partner of a partnership corporation.

TAKE ADVANTAGE OF TAX LAWS

To deduct travel expenses the IRS requires they be “ordinary” and “necessary” for your trade, business or profession. A “necessary” expense is one that is helpful and appropriate. An “ordinary and necessary” business expense for which you can claim a tax deduction is defined as one that maintains or improves skills required in your current trade or business.

All of our seminars concentrate on business communication skills, which clearly benefit nearly any trade or business, and is therefore deductible.
 


***CHECK WITH YOUR ACCOUNTANT

It is important that you check with your personal tax professional to be certain current tax laws apply to your travel plans.

 
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