Would you like to get away to a tropical paradise this winter? Normally, you’d have to pay a steep price for such a trip, but there’s a way you can get Uncle Sam to pick up part of the tab.
Strategy: Sign up for a convention relating to your industry or profession. After you’ve brushed up on the latest developments in your field, you can relax on the beach or golf course in your spare time.
As long as the primary purpose of the trip is business-related—you’re there to learn first and vacation second—you can write off all of your convention expenses. It’s just like getting a tax discount on the trip.
However, be aware that the rules are tougher for conventions held outside the North American area. Depending on the location, you might even bypass one convention in favor of another. Reason: It could mean the difference between a four-figure tax deduction and no deduction at all.
First, let’s look at the rules for business conve...(register to read more)