Estimated tax tip savings. In 2015, you can deduct between $678 and $810 each day for cruise travel (the limits depend on the time of year you travel). For example, if you take a qualifying five-day cruise that costs $3,390, you can deduct the expense in full.
Believe it or not, tax law gives you the freedom to travel luxuriously and write off your entire trip! For example, when it comes to deducting the cost of your business flight, you can choose to fly first class or coach—the IRS will give you a full deduction for either.
Which is good news for you as a taxpayer—this deduction may be exactly what makes your luxury travel affordable.
So how about if you push this idea to the extreme? Can you deduct the cost of a cruise if you use the cruise ship as business transportation?
Absolutely! The law sets an upper limit on the amount you can deduct for each day of travel, but those limits are high enough to cover most (if not all) of the price for even the most extravagant ... Log in to view full article.