How Do You Properly Write Off A Business Trip?
Business travel is one of the most frequent deductions claimed by small businesses. Unfortunately it can also be a “red flag” to the IRS. Many small business owners mistakenly think that every expense paid is deductible. With a little preparation and some documentation, most expenses can be expensed. This guide will help you ethically maximize your deduction. Preparation plays a key role in ensuring the expenses are deductible. In determining where you plan on staying, where you plan to eat or even where exactly you are traveling it is important to make sure the choices are reasonable and not “extravagant” according to the IRS. The IRS fails to define extravagant which can frustrate the business traveller. Airfare is deductible if the majority of the time spent on the trip is for business purposes. This means it does not have to be 100% for business. For example, if you are on a trip for five days, at least three days must be for business. If the majority of the trip is for personal re
