Saturday, August 6, 2011

Taxes and finance: Combining business and personal travel ...

If you intend to combine vacation and business travel this summer or fall, be sure you speak the language ? tax language, that is. Words like ?primarily? and ?substantiation? are very important. ?Primarily? means how much of your time during the trip is spent on business compared to personal activities. For example, say you?re headed off to another state to sightsee for a week, and you?ll stop along the way to visit a widget supplier for an hour. This trip is primarily for personal reasons and travel expenses are nondeductible. You can still deduct the ordinary business expenses you incur while with your widget supplier. Now say you?re a business road warrior and you?re headed off to spend a week in your widget supplier?s factory. You detour along the way to sightsee for an hour. You get to deduct the business portion of your travel expenses.
http://www.willitsnews.com/ci_18609294

Source: http://businesstravel.productnewsnow.com/2011/08/04/taxes-and-finance-combining-business-and-personal-travel/

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