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Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
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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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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