Turning a trip into a tax write-off - Los Angeles News | FOX 11 LA KTTV

Turning a trip into a tax write-off

Posted: Updated:
ATLANTA -

With a little planning, you can turn a vacation into a business trip, and have it tax deductible!

"I think a better way to approach it is to take a business trip, and turn it into a vacation," said CPA Chris Smith with C.B. Smith and Associates.

Smith says that's an important distinction. In order to make expenses for the trip tax deductible, the purpose of the trip must be business. It all hangs on the amount of time you spend doing business.

"Maybe it's a seven day trip, if you are spending four days - maybe two days at a conference and then two more days meeting with business associates - four of those days are for business purposes and it becomes primarily a business trip," said Smith.

That means all your travel, lodging and meals are tax deductible. Smith says to make sure you get to enjoy some downtime, and schedule your business meetings strategically.

"Because you have been able to sandwich a trip in between two business days, a weekend, the law allows you to deduct your lodging and meals for that weekend," Smith said.

Smith says to keep a log of your time, including who you met with and why. But, there's no reason you can't have a little pleasure with your business. He says save your receipts, and the easiest thing to do is log your meetings directly on the receipt.

  • Good Day ArchiveMore>>

  • Get educated with online classes

    Get educated with online classes

    Monday, September 15 2014 12:40 PM EDT2014-09-15 16:40:23 GMT
    Ever wanted to take classes but thought you didn't have the time or or you couldn't afford it? Well with more and more online options out there, you do and you can. And many of them are free.
    Ever wanted to take classes but thought you didn't have the time or or you couldn't afford it? Well with more and more online options out there, you do and you can. And many of them are free.
  • Good Day Explores The Wide World Of Gourds

    Good Day Explores The Wide World Of Gourds

    Monday, September 15 2014 11:36 AM EDT2014-09-15 15:36:21 GMT
    There's a chill of fall in the air, but that's not the only sign of the approaching change in season. Right now, pumpkin patches are opening around the region -- and whether you're planning on carving
    There's a chill of fall in the air, but that's not the only sign of the approaching change in season. Right now, pumpkin patches are opening around the region -- and whether you're planning on carving or cooking, there are dozens of varieties to choose from. Good Day Atlanta's Paul Milliken has a look from Dawsonville.
  • Good Day Atlanta

    Teaching your kids the value of money

    Teaching your kids the value of money

    Monday, September 15 2014 11:22 AM EDT2014-09-15 15:22:34 GMT
    We've all been tempted to buy that extra toy, or give those extra few dollars to our kids to buy something on impulse...but are those the best habits to pass along?
    We've all been tempted to buy that extra toy, or give those extra few dollars to our kids to buy something on impulse...but are those the best habits to pass along?
Powered by WorldNow

KTTV FOX 11
1999 S. Bundy Dr.
Los Angeles CA 90025

Main: (310) 584-2000
News Tips? (310) 584-2025

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices