Travel expenses can be a tax deduction, but only with the proper documentation. Dr. Friday explains the IRS rules for business travel, emphasizing that mixing personal trips with business without substantial proof won’t work. Attending conventions or work-related activities can qualify if well-documented. Avoid costly tax mistakes by ensuring your travel is genuinely business-related.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
If you’re going to take travel off, especially for a sole proprietorship or business owner, LLC, any of those, you need to make sure you have the right supporting documents. So taking your kids to Disneyland and saying that you went and looked at another, I don’t know, house if you’re into real estate, car dealership if you sell cars, isn’t going to fly. Just being honest with you. The IRS will say that was a vacation, not a tax deduction. But if you went to a convention at Disney and you were able to say, I spent eight hours a day in a convention and this is how it went, you would have a better chance of writing off that vacation. 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7. WTN.