Slightly more than two decades ago, after a book I’d written about Quicken become a modest best-seller, I thought it’d make sense to consult with a couple of accountants—just to make sure I wasn’t missing some obvious tax saving gambit. And so, with some awkwardness, I sat in a nice conference room looking out over the city of Seattle talking with these veteran CPAs.
I still remember how these two older accountants broached one subject. Wincing, they asked, “You haven’t been taking vacations, have you?” Their question stemmed from a simple fact of business ownership. A business owner, if he or she follows the rules, can turn most travel into a valid business deduction. Now please understand, I’m not saying that personal travel expenses are deductible. They’re not. But what I am saying is that your travel can be re-structured in way that triggers a deduction.
The September issue of the Business Owners Tax Newsletter describes the rules for deducting business travel, including the the tricks for turning family vacations into business deductions.