The IRS claims that travel expenses are entirely deductible if only the trip is business-related and that you are making the trip for a longer period of time than your usual days work. Your CPA in St. Cloud Fl will tell you how you can make use of any of the loopholes, here are a few ways.
Linger Near Your Work
Now if you plan on staying in a hotel, choose one where you can show evidence of attending or holding a business meeting. This is the straight up easiest thing that qualifies as an ‘official business trip’ for the IRS.
Carefully Plan All Appointments
Make sure that you take one official business meeting before you make the trip. Plus you can set up business meeting every place that you are visiting. Or you could simply place advertisements along your vacation trip. This is acceptable by the IRS as a ‘Business trip’ and not a vacation. Plus even if you are living anywhere nearby where your business meetings are being held it would still qualify under the same category.
If you do plan on doing the latter, it would be wise if you could keep copies of any corresponds and the ads for IRS to see.
Deduct On Expenses
Your CPA in St. Cloud Fl will tell you that on a business trip you do not require receipts of purchases under $75. But you must remember to record all these things in a journal or someplace because you will need these for your final audit. However, you must remember that the IRS does need to look at all receipts related to your lodgings no matter how small the amount. For each day you spend on business travel you are able to deduct exactly 50 % on trivial things and a 100% on your lodging.
Schedule and Sandwich
Make use of the Sandwich days. If you appoint your business work or meeting on a Friday and a Monday, you may be able to automatically treat the weekend as if they were meant for business activities. The best part about this? Deductibles on all the road expenses you make on Saturday and Sunday.
Your CPA in St. Cloud, FL should advise you that basically you want the days of your trip to be treated as ‘official business’ as many as they can. If you can make this possible, you will be able to achieve transport deductibles too. Arrange your schedule in a way that you may sandwich the weekend between two business activities on a Monday and Friday. Travel on Tuesday maybe. Make sure you have small meeting on Thursday. Now if you have spent most of your days on the trip with business activities, you can easily get deductibles on most expenses on the rest of the vacation days, the only thing you will be paying for during these days is air fare, food, and lodging.
If you need more information about our St Cloud, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt. (Freedomtax’s accounting and tax professionals are not CPA’s. CPA services provided by third party provider.)