The Complete Guide to Deducting Business Travel Expenses
Tax deductions. In the vocabulary of taxes there are few words with a sweeter ring. This is particularly true for taxpayers who may not qualify for tax credits, namely the refundable kind. There are numerous tax deductions available: medical expense, charitable, student loan interest, mortgage interest and more.
One of the more complex and varied type is related to business travel deductions. Deducting business travel expenses is is particularly useful to taxpayers who own their own business, operate as a freelancer or contractor or have significant travel for their regular course of business.
Because of the complexity, we decided the topic deserves more than a few blog posts. The in-depth guide from The Tax Institute covers:
- What is a “tax home”?
- How to determine whether an expense is “ordinary and necessary”
- Deducting international travel expenses
- Differentiating personal and business travel expenses
- Special rules for conventions and cruises
- Local travel expenses
- What qualifies as substantiation
- Vehicle expenses
- Industry-specific deductions
- And much more
Click here to download “The Complete Guide to Deducting Business Travel Expenses” by The Tax Institute at H&R Block.
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Related Resources
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Learn more about the different taxes on your paycheck including federal, state, social security and medicare withholding with the experts at H&R Block.
You can claim the standard deduction or itemize deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most.
Can you deduct hobby expenses on your taxes? Learn more from the tax experts at H&R Block.
