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Deductions aren’t par for the course

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in Small Business Tax,Small Business Tax Deduction Strategies

Q. We travel extensively to take our son to golf camps and other competitions. Besides travel, we pay hotels, meals, etc. Is any of the cost tax-deductible?

A. Not unless your golfing prodigy is already a professional. Otherwise, this is simply nondeductible personal travel, as has been evidenced in numerous cases shooting down deductions for amateurs. However, these activities could lead to deductions for “ordinary and necessary” business expenses, such as travel and related costs, should your son turn pro in the future.  

Tip: Detailed record-keeping for professional athletes and other performers is a must. Treat this like any other business.

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