Turn Your Vacation into a Tax Deduction

You can take one or more vacations every year and it could be tax deductible.  Your trip is documented in advance, showing intent to build your business in some way.  You could deduct one-half of the cost of meals (50 percent) and all of the expenses of lodging incurred while traveling away from home.  The IRS also allows you to deduct 100 percent of your hotel room, plane tickets, car rentals, and even certain entertainment expenses.  You should further consider the vacation to make sure it meets IRS travel requirements.

 


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