With the summer approaching, it’s time to start planning some time on the beach or at the golf course.
If you’re self-employed, you may be able to turn some of that typically nondeductible vacation time into a tax-saving getaway. Similarly, if you’re an employee, you can qualify for tax-free reimbursements from your company for business trips that include some R & R.
Here are some ways to reap financial benefit from your summer travels, and squeeze more fun out of your business trips:
Play on business
So long as the “primary reason” for your trip is business-related, you—as sole proprietor, partner or LLC member—can write off 100 percent of your transportation costs within the United States. If vacation is your primary motivation, though, you can’t deduct a dime.
Strategy: Mix a few vacation days into your business trips. That way, you can deduct all transportation costs, including airfare, travel to and from airports, cab f...(register to read more)