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Map out tax break for shareholder travel

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in Small Business Tax,Small Business Tax Deduction Strategies

Q. I’m planning to go to a stockholders meeting. Can I deduct my travel expenses? C.B.K., San Francisco

A. Usually not. We get this question a lot, but you generally can’t deduct travel expenses to a shareholder meet­ing unless you have a specific purpose. For example, you may be entitled to a write-off if you’re proposing a resolution or making a sanctioned presentation. The key is to demonstrate that your presence is required for some meaningful reason, such as contesting the appointment of new board members.

Tip: If you qualify for this tax break, the travel expenses must be deducted as miscellaneous itemized deductions subject to the 2% of adjusted gross income floor.

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