When you own and run your own business, there are several things that you can write off. One of them includes any expenses that come from business travel. There are more than likely going to be times that you find yourself traveling for business and want to be able to take full advantage of all the deductions that are available to you. Mark Dicus & Company is here to talk about business travel and what you can plan to write off and what is off limits.
What Qualifies as Business Travel?
Sometimes, it can be difficult to decipher what is business travel and what isn’t. If you are traveling for your job or for business that is away from where you live and regularly conduct your business, those expenses will count. However, if you have several locations that you do business from, you may not be able to claim all of those business expenses. If you are mixing business travel with personal travel, you can’t claim all of the traveling that you do outside of the business you are conducting.
What Can & Cannot Be Written as a Business Expense?
It is important that you know what you can and cannot claim as business expenses. Some people misunderstand business expenses to mean that the entire trip is going to be covered. However, this isn’t true. When you know what can and can’t be claimed as business expenses, you will have the ability to better choose where you are going to spend your money to ensure it is covered. Here is what you can claim.
– Airline Tickets: You can claim the airfare that is required to get you do and from the business meeting or convention. What you can also include in this is the baggage that you have to pay to check.
– Meals: If you are having meals with a business purpose in mind, you can claim it. However, if you are just going to grab something to eat on your own, you will be footing that bill without any tax benefits.
– Transportation: You are more than likely going to need to pay to get from one place to another once you reach your destination. As long as you are attending something business related, that transportation can be included in what you can claim on your taxes. If you are simply sight seeing, you will have to cover transportation costs on your own.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
Because it can be tricky to know what you can and cannot claim as a business expense, it is wise to call on the professionals at Mark Dicus & Company to help you keep it all sorted out. One thing that you should always remember is that you need to save receipts from your trip. You will need more than bank statements to claim business expenses. If you have questions about your taxes, you can call us today!