Business filers- don’t forget these travel deductions |

I am sure you are all knee-deep into arranging all your receipts (I am sure that it’s not just my clients that use shoe boxes or banker’s boxes) since taxes are due (corporate/partnership/trust due in 39 days, individuals in 73 days), here are a few hints if you are involved in a business (that means you make a profit 3 out of 5 years- otherwise the IRS considers it a hobby).

In spite of a few audit results for clients who don’t keep adequate records (like the business purpose for a trip), travel expenses are a necessary and ordinary expense. You must be away from home and out of your office. (This is a very simple answer; there are some special circumstances, too. For example, some truck drivers consider their office to the the sleep section of the truck- which is not a good idea, but they do.) Given that you are, indeed, traveling, there are some costs you may not normally consider (and, if you are an employee, your employer should so reimburse you.)

Car	Tolls, parking, standard mileage rate
Rental Car	Only the business portion of the expenses (car rental, gasoline, tolls, parking)
Transportation	Include taxi/bus/limo to and from airport, places of work. Frequent Traveler awards have ZERO cost.
Baggage/Ship	The cost to ship your baggage or transport on the plane is deductible
Lodging/Meals	If you are required to sleep or rest (or overnight), these are deductible. Do not forget taxes and tips
Cleaning	If traveling, your dry cleaning and laundry are deductible
Telephone	If you use your own phone, the costs are deductible for that day. Also fax and internet services are deductible
Other costs	Rental for computers, monitors, or projectors. Transportation to and from a business meal

We recommend that you do NOT wait for this time of year to determine deductions, since details are inevitably forgotten. It is much better to maintain your records all year long, so all you have to do is total each category for inclusion on your tax submissions.

As Julius Caeser purportedly said (1120, 1120s, 1065 filers)… Beware the Ides of March!