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Travel Expenses Made Easy

If you have to travel, there are certain expenses that can be deducted. Be sure you check with a tax professional, however, before claiming these items.

Transportation
You can deduct the cost of airline travel, bus and train fare, as well as mileage you put on your car between your home and business.
Taxi/Bus
The cost of transportation between the airport and your hotel, as well as transportation between your hotel and where you will be conducting business, is deductible.
Shipping
If you send baggage, samples or display material to your temporary work location, you can deduct these costs.
Car
You can deduct the cost of operating and maintaining your car when traveling on business, including actual expenses or standard mileage rate, tolls and parking. If you rent a car while away from home on business, only the business-use portion of the expenses can be deducted.
Lodging and meals
If you need to stay overnight or stop for sleep or rest, you can deduct the cost of lodging. Meals include what you spend on food, beverages, taxes and tips.
Communication
Any business-related calls you make are deductible, as are communication by fax machine or other devices.
Other
This category is used to deduct ordinary, necessary expenses related to business travel. These expenses might include public stenographer's fees, computer rental, and operating and maintaining a trailer.

Keep in Mind

You should spend some time researching how your business stacks up against similar practices, as the IRS is going to compare your income and expenses with all other returns filed with the same business code.

To get an idea of the numbers for past years, you can visit www.irs. gov. When you search statistics on income for non-farm proprietorships, you’ll be able to see nationwide data for businesses who filed the Schedule C return. You can get information for your specific zip code, but may have to pay a fee for more recent years.

Lastly, don’t be afraid to get help from professionals. Look for someone who has expertise in small businesses, as you may need to file additional returns, such as personal property, business license, and city and county taxes. Obviously, hiring someone to help you will cost you some money, but may end up saving you in the long run. The tax laws continually change, and keeping up with new regulations may take more time than you want, or care, to spend.

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