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IRS Tax Tips June 6, 2023
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Issue Number:?Tax Tip 2023-76
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*Business travelers should check out these deductions before hitting the road*
Many people travel for their job ? some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses [ [link removed] ].
*What to know about tax deductions for business travel
*Business travel deductions are available for certain people who travel away from their home?or?main place of work?for business reasons. A taxpayer is traveling away from home if they are away for longer than an ordinary day's work and they need to sleep in a location other than their home to meet the demands of their work while away.
Travel expenses?must be ordinary and necessary. They can't be lavish, extravagant or for personal purposes.?Employers can deduct travel expenses paid or incurred during a?temporary work assignment?if the assignment is less than one year.
Travel expenses for?conventions?are deductible if attending them benefits the business. There are special rules for conventions held?outside of North America.
*Deductible travel expenses include:*
* Travel by plane, train, bus or car between home and a business destination
* Fares for taxis or other types of transportation between an airport or train station and a hotel, or from a hotel to a work location
* Shipping of baggage and sample or display material between regular and temporary work locations
* Using a personally owned car for business
* Lodging and?meals
* Dry cleaning and laundry
* Business calls and communication
* Tips paid for services related to any of these expenses
* Other similar ordinary and necessary expenses related to the business travel
Taxpayers can find more about the rules for travel deductions with Publication 463, Travel, Gift, and Car Expenses. [ [link removed] ]
*Self-employed individuals or farmers with travel deductions*
* Self-employed people can deduct travel expenses on?Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) [ [link removed] ].
* Farmers can deduct travel expenses on?Schedule F (Form 1040), Profit or Loss From Farming [ [link removed] ].
*Travel deductions for Armed Forces reservists
*Members of a reserve component of the Armed Forces of the United States can claim a deduction for unreimbursed travel expenses paid during the?performance of their duty. These travel expenses must be for travel more than 100 miles away from their home.
*Recordkeeping is important
*It?s easier to prepare a tax return with organized records [ [link removed] ]. Taxpayers should keep records such as receipts, canceled checks and other documents that support a deduction.
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