Estimated tax tip savings: When you convert your vacation into a business trip, your transportation expenses suddenly become deductible. Consider that $1,200 business-class plane ticket back home to see your parents—with the right tax planning, you can deduct 100 percent of the cost.
Isn’t it about time you took a vacation?
Maybe you don’t think you have the time or the extra cash?
You could solve both the time and cash problems when you make the vacation a business trip and deduct your travel expenses.
What kind of travel are we talking about? In general, business travel can be about as luxurious as you can dream up! For example, all of the following can qualify as deductible business travel expenses:
Airfare, including first-class tickets.
The presidential suite in your favorite hotel.
Rental car expenses for a Rolls-Royce.
Boat tickets—and yes, this includes cruise travel.
So whether you are planning to stay in a luxury resort in the Caribbean or you simply need to visit the in-laws two states over, you could save yourself a boatload in taxes when you turn your vacation into a business trip and deduct most or all of the cost.
Types of Travel Expenses
When you travel for business, you can deduct two big types of expenses: ... Log in to view full article.