Ep 37. How to Legally Avoid Taxes with Business Travel Deductions

Are you a million-dollar coach or creator traveling for business? Maximize your tax benefits by smartly planning your trips.

This episode will guide you through the various expenses—from airfare to meals—that you can deduct to significantly reduce your tax liability. Learn essential strategies for claiming travel deductions, whether you’re flying out for meetings or attending key industry events.

Tailored for seasoned entrepreneurs, these insights will help ensure your travel not only serves your business needs but also enhances your financial health. The 100% meals deduction was valid for years 2021 and 2022. The applicable business meals deduction for years 2023 and after are now 50% You can typically deduct the cost of hotel stays for Saturday and Sunday in this scenario, as long as the primary purpose of the trip is business-related. Here’s why: 1. Friday and Monday Business Activities: Since you have business meetings on Friday and Monday, the trip qualifies as a business trip. 2. Weekend in Between: If staying over the weekend is necessary to attend the Monday meeting, the hotel costs for Saturday and Sunday are deductible even though no business is conducted on those days. 3. Primary Purpose: The key is that the primary purpose of the trip is business, and the weekend stay is incidental to conducting business on Friday and Monday. However, ensure: • You document the business purpose of the trip (e.g., meeting agendas, invitations). • The weekend stay is not for personal reasons (e.g., sightseeing or leisure activities). Consult with your tax advisor for specific guidance, especially if personal activities were involved during the trip.

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Disclaimer: The information provided in this content is for general informational purposes only and should not be considered specific tax advice. Every individual’s tax situation is unique, and this material does not account for your specific circumstances. Before acting on any information presented, consult with a qualified tax professional or CPA to discuss your individual situation and ensure compliance with applicable laws and regulations. Catrina M Craft and companies assumes no responsibility for actions taken without proper consultation with a licensed professional.