Make Your Vacation A Tax Deduction
Friday, February 16th, 2007Did you know that you can convert your nondeductible vacation travel into a deductible business trip? Attorney Stephen Fishman, author of Nolo’s “Tax Deductions for Professionals” provides some ways to do this.
He recommends vacationing to a place where you can pursue your professional education courses. If your job requires you to continue your education, you can take your family along because this travel is deductible.
Schedule a travel to visit along with your professional colleagues. If you need to travel to attend meetings or meet with colleagues for business and not for socialization, your travel is considered a legitimate deduction. Make sure, though, that you have letters and emails to support such travel.
Hold your board meeting in a place you want to visit. If you are a lawyer or physician, for instance, you can choose to hold your meeting in a tropical country. Your travel expenses are deductible so long as you have supporting documents like corporate minutes and a written agenda.
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