Uncategorized Your Guide to Vacations and Taxes Leer el artículo Abrir el cajón compartido Escrito por Elle Martinez Publicado May 24, 2016 - [Updated Jul 10, 2019] 3 minutos de lectura Taking the family along on a business trip this summer? Learn how to save on your taxes and take the tax deductions you’re entitled to on your working vacation. It’s tricky to mix, but with the right mindset and careful planning, you can save big on your next vacation. Working Vacations One of the trips we’re taking soon is for a business conference I’m attending in Chicago. We went there years ago and loved it. My family is coming along, so while I’m getting work done through the day, my husband, mother, and our girls can catch some wonderful spots like the Shedd Aquarium and explore the city. There will be plenty of time to relax all together in the evenings. To make sure that you and I stay on the right of the IRS, let’s review what you can and cannot deduct when traveling with family. Business Trips: The Big Does and Don’ts of Tax Deductions While a few extra days to hang out won’t disqualify my tax deductions, I still have to be careful with what I claim. Transportation: We’re renting a car and driving up to Chicago. This will be tax deductible since the main purpose is for the conference. If you’re flying to a location, your ticket is tax deductible, but not your family (unless they are employees). Hotel: Since we’re sharing a room, during the conference this expense is also tax deductible. Again, if we had separate rooms, only mine would be eligible as a business expense. Please also remember that if you’re upgrading your room because of your family, then that’s not deductible. Meals: Since I’m attending the conference my meals can be deducted (50%), but not my family’s. Business Expenses: With traveling, you may be hit with some extra expenses like internet at the hotel, dry-cleaning (related to business), and taxis to and from the conference or business meetings. As long as you claim travel expenses directly related to your business trip and don’t go overboard with your trip expenses you should be fine. If you’re looking to be smart with your money during vacations, here are some ways you can have a fun trip without going into debt and how to save on vacation taxes. While you can’t completely write off the trip, it’s nice to claim what you’re entitled to and save some money. One of the best things you can do, is keep good records and track all of your expenses. If you’re not sure, save your receipts and TurboTax will ask you simple questions related to your business and figure out your business related tax deductions based on your answers when it’s time to file your taxes (enjoy the trip in the meantime!). If you’re self employed you can also use QuickBooks Self-Employed to easily separate your personal expenses from your business expenses and track your tax deductible business expenses year round, which can then be exported directly into TurboTax at tax-time. Thoughts on Working Vacations and Taxes How many of you have taken family along when going on a business trip? What have been some of your favorite ways to save? What are some of your favorite spots? Publicación anterior Congrats, You Graduated! Now What? [Infographic] Siguente publicación It’s National American Red Cross Founder’s Day! Tips to Track… Escrito por Elle Martinez Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. Más de Elle Martinez Visita el sitio web de Elle Martinez. Síguenos en Facebook. Síguenos en Twitter. Los comentarios están cerrados. Buscar artículos relacionados Planificación de Impuestos ¿Qué es una cuenta HSA? Planificación de Impuestos 5 maneras de aumentar tu reembolso de impuestos del añ… Planificación de Impuestos ¿Debería enmendar mi declaración de impuestos por un… Vida Cómo solicitar una extensión: Guía paso a paso Ingreso Instrucciones para el Anexo (K-1): Cómo presentar en 1… Planificación de Impuestos ¡Aún puedes presentar tus impuestos con TurboTax! Trabajo Cómo presentar los impuestos de pequeñas empresas Vida ¿Qué es una exención personal? ¿Deberías usarla? Ingreso Edad para hacer retiros de una cuenta IRA Vida Pago de impuestos en exceso: todo lo que debes saber