The Travel Tax Deduction for Realtors and Small Business Owners
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- Опубліковано 28 вер 2024
- This video is for Real Estate Agents, Realtors, Brokers and other small business owners who want to learn more about the travel tax deduction. I answer the questions listed below:
1. When is travel a business deduction and when is it a personal expense?
2. What is included in travel costs?
3. How to structure your travel so that it is 100% deductible?
4. What happens when you include personal days in your travel plans?
5. Can you deduct the travel costs incurred by your spouse and children?
Take what you learn from this video and ask your legal or tax professional all of your specific questions. If you want to contact me, my information is below.
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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation.
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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.
Where do you get the money out of these deductions
Joseph - please rephrase your question. I don't know what you are asking here.
Another excellent video and I am learning a lot from you. Thanks much!
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?
This is exactly the information I needed. Thanks!
Glad it was helpful!
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.
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.