The cost of gas started going up this spring. Now the airlines are passing the higher costs along to consumers.
Strategy: Keep taxes in mind for business travel plans. Depending on your situation, you might opt to go by car instead of plane if you’re expecting to tack some vacation time onto the trip.
In fact, you could wind up spending a lot less on travel while deducting much more.
Here’s the whole story: As long as the primary purpose for the trip is related to your business, you can write off all your qualified travel costs within U.S. borders. This includes expenses such as air fare, local transportation, lodging for business days and 50% of your meals for business days.
However, if a vacation is the primary motivation behind the trip, you can only deduct lodging and 50% of meals for the business days; the transportation expenses to get to the destination and return home are completely nondeductible.
How do you prove th...(register to read more)