|
 |
|
|
Mixing Business with Pleasure on business trips
When you travel, and attempt to deduct the cost of the trip, you are asking for much closer scrutiny than when you take deductions for activities closer to home. The dreaded two words from the IRS lexicon rear their ugly heads: ordinary and necessary. Expenses must be perceived as being a normal expense required for the ordinary conduct of your business. They must also be necessary for that business to continue to operate. Violate either of these two principles, and your deduction is in jeopardy. Most businesspeople mix business with pleasure when they travel. The IRS knows this. And will exploit it for their own gain, if you don't do your homework. From their position, ALL expenses are personal and NONE are business, and therefore, they'll disallow the entire trip. From your standpoint, you want to maximize the deduction you receive for your primary purpose: conducting business. The pleasure part is incidental. The solution is to document everything. Every person you talk to. Every call you make. Every place you visit. Get a receipt. Log it in your journal (you ARE keeping a business journal, right?) If you are traveling to Atlantic City, or Las Vegas, or Hawaii, the game just got tougher for you. Now, the service (IRS) wants an HOURLY accounting of your movements. Not daily, or "a little of this" - hourly. So, comply! It'll get you past any audit if you do. And you can sleep soundly at night, knowing your paperwork is unimpeachable. |
|
 |
|
No reactions yet.
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "Mixing Business with Pleasure on business trips" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
|
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
