It's already Memorial Day, so summer is right around the corner. While you're enjoying the warmer weather, heat up your tax savings with some timely tax techniques. Here are seven ways to slash your tax bill midway through the year:
1. Mix business with pleasure. On business trips this summer, you can deduct your travel expenses—including air fare, lodging and 50 percent of meal costs for business days—as long as the trip's primary purpose is business-related. Tack on a few days of sightseeing or relaxation. Of course, you can't deduct any personal side trips or activities (or lodging and meals for nonbusiness days), but you can deduct all travel costs as long as you spend more time on business than pleasure.
Tip: If your spouse comes along, you typically can't deduct his or her travel expenses, unless he or she becomes an official employee. (See April 18 issue for five other good reasons to hire your spouse.)
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