Figuring out travel expenses and taxes surrounding travel expenses for your business, small or large, can be a hassle. Like almost all tax related situations figuring out what to do and how to keep track of your travel expenses is no easy feat. If you’re a business owner chances are you’ve grown fairly accustomed to all the different tax related scenarios you may come across. However if your business is growing or if you’ve just opened up shop the world of business related travel expenses can be new and fraught with confusion. Business travel expenses fall under IRS tax topic #511 and a lot of information regarding that topic can be found on their website however listed below will also be some useful information regarding business travel expenses.
Knowing what qualifies as a business travel expense is the first step to getting your ducks in a row. How can you account for your business travel expenses if you don’t even know what they are? It’s also important to know what is tax deductible and what isn’t, this way you can afford making major mistakes when you’re out on the road. Whether you’re travelling alone or with your employees it’s important to keep in mind what’s tax deductible or not. Here’s a list of what typically is tax deductible when travelling for business. Keep in mind however that circumstances and state laws can change things.
- Baggage charges
- 50% of the amount of money spent on meals
- Cleaning and laundry expenses
- Local transportation costs including taxi fares and other forms of transportation
- Lodging expenses
- Parking fees
Of course the list could go on and on as there are a lot of situations that arise when travelling for business but these are the main ones that almost everyone comes across in their travels.
When preparing for your business trip thrift and efficiency are of the utmost importance. However this doesn’t mean you have to sacrifice on quality. That’s why booking with Travelocity is a great idea! They offer a wide variety of services and options that will ease your travel anxiety and ensure a successful business trip. Book flights, hotels, transportation, and more! They also offer great deals on entertainment and sightseeing. Of course these things won’t be tax deductible but that doesn’t mean you can’t have a little bit of fun in between all of your hard work. Travelocity offers bundled services that lets you book flight, hotel,and car in one convenient step.
If you’re looking for help with your taxes as many Americans are a great company to turn to is H&R Block. They offer incredible services that pertain not only to business travel related tax deductibles but to all tax related business matters. On their website you’ll find helpful resources like the small business tax prep checklist, tax calculators, and a wide variety of frequently asked questions all answered by experts.
When you’re travelling for business there are many things to keep in mind like tax deductions, out of pocket travel expenses, and day-to-day travel arrangements. Often times things like bringing the right luggage for your trip don’t get the attention it deserves. However toting around luggage you can count on when you’re traveling for business can be a great way to reduce worry and avoid luggage pitfalls. Let Samsonite help! As a highly trusted name in the world of luggage that lives up to it’s reputation you can count on Samsonite brand luggage to get your belongings there safely.
Be sure to do the appropriate research and planning before your next business trip if you want it to be a success.