How To Write Off Your Travel

Have you ever heard the magic words "we wrote it off"? Writing off qualified business expenses is a standard part of doing business, but some may try to write off personal expenses as well. While there are some personal expenses that can be deducted as business expenses, such as home office, vehicle, and education expenses, many cannot be. You may have heard stories of business owners writing off their vacations and wondered how this is possible. With a bit of prior planning and documentation, you can do it too by using a tax strategy called "wrapping a weekend." This strategy involves turning a personal weekend trip into a business expense, making it tax-deductible. According to the IRS, if you travel for business and work on both Friday and Monday, the weekend in between counts as business days. This means that you can deduct your hotel and meal expenses during the weekend as a business expense. However, documentation is crucial for any tax planning. If you need help planning this out, let us know.