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Joe Diamond, CPA, CFP®, EA, MST


Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004


Phone: 847-884-8500 




July/August 2020

Business Travel with Family

If you run your own company and travel for business, you may want to combine work with pleasure. That’s okay, as long as you don’t trip up on tax rules.

Tax-Smart Travel
You can deduct transportation costs for you, but not for family and you may only deduct the reasonable cost of lodging, which in this case would be single or double occupancy.

Separate Expenses
It’s important to keep detailed records. You will have to allocate all of your expenses for tax purposes. For example, you may deduct the cost (including gas) of renting a car only during those days when conducting business. So, if you spend $500 for a 10-day rental and you put in five days for business, you may deduct half of that, or $250, as a business expense.

Finally, you will have to recognize the personal expenses paid by the company as an owner’s draw and part of your income.


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Advisory Services offered through Diamond Financial Corporation, Registered Investment Advisor. Custodial Services provided by TD Ameritrade. Member FINRA/SIPC/MSRB.
Tax Preparation provided by Diamond Financial Corporation.
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