What if you traveled somewhere to look and make a purchase outside of your “tax home”? A scenario like this would not take too long unless you spend 4 hours . For example: if someone left Thurs, made purchase on Fri, then returned on Sun. Would the entire trip be considered business expense?
Navi - I find your content very informative, so I want to thank you for it. Is there a limitation of the type of airfare that is used for the business travel (e.g., First Class vs Business Class vs Coach)?
You’re welcome Tron. Generally, all business expenses should be “ordinary and necessary” so I would be mindful of flying first class unless you’re in some type of luxury travel business or your business is extremely profitable and the expense wouldn’t be significant when compared to the other expenses your business incurs.
Thanks for the question but it is difficult to answer without knowing your exact situation. Take a look at the Travel section of IRS publication 463 and you should be able to find your answer.
Another excellent video and I am learning a lot from you. Thanks much!
This is exactly the information I needed. Thanks!
Glad it was helpful!
What if you traveled somewhere to look and make a purchase outside of your “tax home”? A scenario like this would not take too long unless you spend 4 hours . For example: if someone left Thurs, made purchase on Fri, then returned on Sun. Would the entire trip be considered business expense?
Do you have the video made for international traveling already?
No, but it has been on my mind. I'll add it to the list.
Navi - I find your content very informative, so I want to thank you for it. Is there a limitation of the type of airfare that is used for the business travel (e.g., First Class vs Business Class vs Coach)?
You’re welcome Tron. Generally, all business expenses should be “ordinary and necessary” so I would be mindful of flying first class unless you’re in some type of luxury travel business or your business is extremely profitable and the expense wouldn’t be significant when compared to the other expenses your business incurs.
How many personal days can you take between the bookended business days?
Thanks for the question but it is difficult to answer without knowing your exact situation. Take a look at the Travel section of IRS publication 463 and you should be able to find your answer.
Where do you get the money out of these deductions
Joseph - please rephrase your question. I don't know what you are asking here.