Preview Mode Links will not work in preview mode

Keep What You Earn


Oct 21, 2021

In today's episode, we are going to talk all about how to deduct your vacation. This is one of the most common questions I get asked... How do I navigate deducting this? Should I be deducting this? Is this allowed? It's definitely a more gray area for my entrepreneur clients. But I'm here to tell you that you have the capability to deduct a lot more than you think you do. You're going to learn all about that in today's episode.

 

*Additional note/correction: When a trip is considered majority business, costs like airfare and transportation are 100% deductible but meals and lodging would still be based on the percentage of business time spent. If the trip is not majority business, the airfare and transportation to/from the destination would not be deductible. In short: it can be complicated, so meet with your CPA to plan your trip!

>>> Text me!: https://my.community.com/shannonweinsteincpa

 

>>> Fitnancial Solutions Accounting Suite: https://www.fitnancialsolutions.com/accounting

 

>>> Find me on IG @shannonweinstein: https://www.instagram.com/shannonkweinstein

 

>>> Catch me in-person on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

 

>>> Join my Keep What You Earn: Financial Empowerment for Entrepreneurs group: https://www.facebook.com/groups/fitnancial

 

>>> Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

 

>>> Chat About This Episode in the Keep What You Earn Community: https://www.facebook.com/groups/fitnancial

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.