Travel expenses as they relate to business expenses are often a tough beast to master when it comes to understanding what the IRS considers to be tax deductible. Obviously, your commute to and from work is not a deductible expense, but what does qualify?
For your travel to qualify as a deductible business expense per IRS guidelines, you have to be traveling a sufficient distance from your primary work location to not be able to conduct the entire trip in one business day. If that trip is primarily for business, you can deduct 100% of lodging and travel expenses and half of food costs.
If you are thinking of attending a convention geared to your business then keep in mind that it must benefit your business in order for it to count as a business trip. The conference also needs to last at least six hours a day, and you must attend a minimum of two-thirds of it.
For more information on which travel expenses are deductible and which aren’t, consult your accountant or a qualified tax specialist.« Return to all articles