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The only way to get travel tax deductions are for those expenses related to business travel. Employees and business owners can take advantage of these deductions by keeping careful records of all expenses they incur while doing their job or conducting business away from their normal location.
Business Travel Tax Deductions
This applies when you travel for your job or business, and not for personal travel. Not all business travel applies. To qualify, the travel must be away from the city or town where your office, place of work or home office is located, and you have to stay longer than a typical day's work at your destination. Meals and lodging are deductible, as well as attendance at conventions, trade shows and conferences if they're beneficial to your business or trade. Many other expenses that related and necessary to your business travel can be deducted, including:
- Calls and faxes
- Cab fares and tips
- Air, bus and train tickets
If you're not sure what expenses are deductible, ask yourself: "Are these expenses necessary for me to conduct business while I'm traveling, or while doing work at my destination?" If yes, it's more than likely deductible, but it may not be 100% deductible.
Record keeping is key to claiming travel tax deductions. Keep all receipts and other statements as proof of your purchases.
