Here's a little secret for you as a business owner: every trip can be a chance to grow your business and... guess what? Save some money while you're at it. Yep, even during those relaxing getaways!
Let’s dive into how you can make your Christmas trip tax deductible.
Picture it…you’re headed to sunny Miami for Christmas
❓ What’s the deal with business travel?
If you're mainly on business for more than half of your trip, cha-ching, your entire flight cost can be deducted. But, if business takes up less than half of your trip, then the flight cannot be deducted.
❓ And what about hotels, AirBnbs, and meals?
It’s simple! Just figure out the percentage of your trip spent on business and apply the percentage to these expenses. That’s what you can deduct.
I know what you're thinking, theory is great but how do I actually make this happen?
Here are 4 pro tips:
1️⃣ Travel on Business Days: For example, Christmas is on a Monday this year. Why not fly out on Thursday, Dec 21st, and come back on Tuesday, Dec 26th? As long as your travel days are business-focused, the IRS won’t mind how you spend your weekend. When you book-end travel on business days and engage in qualifying business activity, it’s easier to make the trip tax deductible!
2️⃣ Find Business Activities at Your Destination: Grab lunch or dinner with a business contact. Explore potential business sites or investment properties. Interested in solar energy tax credits? Hunt down some solar-powered properties and snap some pics! Remember, these activities should fit your unique business profile.
3️⃣ Attend a Workshop or Conference: Ever noticed how many conferences are in places like Vegas, Miami, or LA? They're not just fun cities; they're tax write-off magnets for business owners!
4️⃣ Networking Events: Check out Eventbrite or Meetup for industry-related gatherings at your destination.
So, where are you off to this holiday season, and how will you write off the trip?
Let me know in the comments.
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#money #holidaytravel #holidays #taxes #businessowner #smallbusiness