Tax Deductions (CONT’D FROM PAGE 28)
with your spouse who is participating for a genuine busi- ness reason in the event, then that individual’s expenses are covered,” says Flemming. Keeping Track Trade shows can be valuable resources for your busi- ness. By bringing together vendors and buyers in one place, they facilitate more buying activity and higher prof- its. Taking the time to document your activity when you travel to a show can help alleviate the costly impact travel and hotel expenses can have on your bottom line. “It can be hard to keep careful records when you are busy, but those records do help come income tax time,” says Cawley. “Tracking your travel expenses when you attend a Hate stuffing bags with paper receipts and jotting in- decipherable notes in journals? Try using these electronic expense trackers that are as close as your smart phone. • Travelperk.com : Integrates the recording of travel ex- penses with other expense management software. • Fylehq.com : Ensures compliance with employer’s trav- el expense reimbursement policies. • mileIQ.com : Runs in the background to track mileage and creates an end-of-trip record. Phillip M. Perry is an award-winning business journalist whose byline has appeared over 3,000 times in the na- tion’s business press. Contact him at phil@pmperry.com. trade show can really pay off.” Apps That Track Expenses
your expenses? An excerpt from IRS document 463 pro- vides some clarification: “You can deduct all of your travel expenses if your trip was entirely business-related. If your trip was primarily for business and, while at your business destination, you extended your stay for a vacation, made a personal side trip, or had other personal activities, you can deduct only your business-related travel expenses.” It’s important to keep careful records about your jour- ney, allocating correctly between business and personal time. “My overall tip is to be truthful,” says Catherine Raker, an accountant with Cendrowski Corporate Advisors, Chi- cago ( cca-advisors.com ). “If it’s really a personal trip and you do some business-related activities don’t write the whole trip off as a business expense.” Expenses that are shared for business and vacation can fall into a grey area, according to Cawley. “Your airline fare might be disallowed if you spend two days of your trip on business and five days on vacation. On the other hand, your hotel bill for the specific two business days, and oth- er direct expenses for the business portion of your trip, would still be deductible.” Personal time often means the presence of a spouse— and expenses related to that individual’s travel can com- plicate record keeping. Ordinarily such expenses must be separated from those of the business traveler and may not be deducted. There is one exception: “If you are traveling
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