In a year where industry experts are predicting a 14% decrease in the average American family's vacation expenditures, it's understandable that the subject of writing off vacation expenses would be top of mind this time of year.
People do it all the time but it also involves swimming in some pretty murky waters, but that doesn't mean you shouldn't do it.
Money Talks News founder Stacy Johnson warns that the rules for travel-related tax deductions are complicated. If you want to avoid a trip to Audit City, check these tips along with your baggage:
- Getting there. If the trip is primarily for business and within the U.S., the cost of your transportation is fully deductible both ways. If it’s international, the trip has to be at least 75 percent business in order to write off your plane ticket. (Less than that and you can only deduct the percentage related to business.)
- Cruises have special rules. To be deductible, a business-related cruise has to be aboard a ship registered in the U.S. and avoiding foreign ports. Click here to read the complete free article.
No comments:
Post a Comment