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Map out winter convention deductions

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in Small Business Tax,Small Business Tax Deduction Strategies

Are you stuck in the winter doldrums? Spice things up while helping your small business.

Strategy: Attend a business convention to learn the latest developments in your field. If the convention takes place on a tropical island or at a resort with warm weather—so much the better.

The tax outlook is also promising for small business owners. If you adhere to the rules and properly document your expenses, you can deduct expenses associated with the convention—the cost of the airfare, the hotel, 50% of meals, local transportation costs, convention fees, the works. However, the requirements are tougher if the convention takes place outside the country.

Here’s the whole story: Generally speaking, the tax rules for business conventions are the same as those for regular business trips. In other words, you can deduct “ordinary and necessary expenses” incurred while traveling away from home to attend a business-related convention. Of c...(register to read more)

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