If school hasn't started in your neck of the woods and you're looking to squeeze in a last-minute vacation, Uncle Sam might be able to help.
Specifically, the tax code could be a good travel companion.
Robert D Flach, better known on the Internet as The Wandering Tax Pro, chose his nom de blog because between his regular tax work, he likes to hit the road. And, being a tax pro, he likes to let the feds help him pay for his journeys.
Now such tax help
But if you do have your own business (this situation produces better tax results than if you're simply an employee) and can arrange some valid company meetings with a client in a relaxing locale, then you can tag on some personal days to the trip. That way, your transportation and part of your lodging, the two biggest expenses, will be tax deductible.
Don't mix too much business and pleasure: The flip side of this business-vacation combination coin is that if you're taking a business trip, make sure that's primarily what you do once you arrive at your destination. Have a little too much fun, and you could lose your deductions.
Just ask Sherman Miller.
Here's a quick overview of Miller's tax issue itinerary. Miller claimed that his trips to check on a condo he bought in a Wisconsin resort town were all business. The IRS balked and the case ended up in Tax Court.
Apparently, the IRS found some golfing buddies who didn't remember talking as much business as Miller did as they traversed from tee to green.
So the Tax Court judge teed off on Miller and disallowed his deductions.
Check out Joe's post for tips on making sure your next business trip meets IRS deduction muster.
No travel, no tax trouble: As for me, I'm about to take a Friday afternoon staycation in my den. The popcorn is almost ready and some movies I've been meaning to watch are awaiting.
The best thing about this in-house interlude is that it costs me nothing and has no tax implications whatsoever!