Article Date:
May 2018


Word Count:
765

 

 

Danger: Your Personal Home Is Not Your Tax Home


The fact that your personal home is not your tax home is one income tax issue.

 

Here’s another: business travel is different from business transportation.

 

Your tax deductions, tax strategies, and tax records hinge on the following federal income tax defined terms:

 

1.

Personal home

2.

Tax home

3.

Business travel

4.

Business transportation

 

Meanings

 

Personal home

This is where you live.

Tax home

This is where you maintain your principal place of work.

Business travel

You are in tax-deductible travel status when you travel away from your tax home overnight or long enough to require sleep.

Business transportation

You deduct business transportation as a cost of going to and from tax-deductible business destinations, whether in town or out of town, on overnight business travel.

 

Oral Surgeon Loses $55,950 in Car and Truck Deductions

 

Dr. Bigdeli, an oral surgeon, lived ... Log in to view full article.

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