Take a Tax Deductible Weekend!

A great way to make your business travel more enjoyable is to combine it with a tax deductible weekend getaway! You can end your business meetings on noon Friday, and then enjoy that afternoon, Saturday and Sunday at the location where your business was.

Assuming, of course, that it is a location where you would enjoy spending the weekend.

All you will need to do is have another business related meeting on Monday morning and then go home. It can be a meeting with a business associate, a prospective new customer or even an educational event that ties into your business. The key is that whatever it is that you are doing on Monday must have a direct relationship to your business.

For example, if you are a real estate agent and are going to a convention that ends on Friday, you can arrange to meet with a real estate agent in that area for the purpose of being able to exchange referrals in the future. If you are a salesperson and are meeting with a client on Friday, make arrangements to meet another potential client on Monday (or even make a cold call).

You can also bring a spouse or significant other with you. You won't be able to deduct his or her meals or travel expenses (unless you are driving), but you meals and 100% of the hotel costs will be deductible. Of course, if your spouse or significant other works with you in business, all of the expenses can be deductible. Having your spouse work for you is whole other topic, but there are significant tax savings to be had by having your spouse work for you part or full time.

If you are self employed, you are paying all of your own Social Security and Medicare taxes, rather than having one half of them paid by your employer. That means that for every dollar you can deduct, you are saving up to 49 cents in taxes, depending on your State tax structure. You might as well have some fun while you are taking your deductions.

The main thing is to keep good records of the purpose of your business both before and after the weekend, and keep all receipts. There is nothing that will prevent an audit, but by maintaining good records, it will end up with a handshake and a good-bye with the auditor, and all of your money in your pocket.

So, enjoy your tax deductible business trip with a little vacation mixed in.

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