Trout CPA’s Post

Travel season is just around the corner. Here are a few things you need to know about deductible travel expenses and things to keep in mind when you’re traveling for business: ✈️ Always save your receipts ✈️ On a business trip, your travel expenses are 100% deductible (food is only 50% deductible) ✈️ Treat your traveling as a “business trip” not a “vacation” but make sure you can justify your trip and show the pay off ✈️ Track your mileage for big and small trips When in doubt, you can always confirm with a tax professional what qualifies as a deduction. Just make sure to keep your receipts and ALWAYS ask questions. #travelnow #traveltips #traveltogether #traveladdicted #travelpassion #moneysaver #moneymanagement #moneytalks #moneytips #moneyflow #moneymatters #moneysaving #moneymotivation #moneymoves #moneytime #encino #irs #taxseason #taxrefund #taxreturn #taxprofessional #wealthbuilding #wealthcreation #wealthmanagement #wealthbuilder #buildwealth #buildingwealth #wealthymindset #wealthylife

Travel season is just around the corner. Here are a few things you need to know about deductible travel expenses and things to keep in mind when you’re traveling for business: ✈️ Always save your receipts ✈️ On a business trip, your travel expenses are 100% deductible (food is only 50% deductible) ✈️ Treat your traveling as a “business trip” not a “vacation” but make sure you can justify your trip and show the pay off ✈️ Track your mileage for big and small trips When in doubt, you can always confirm with a tax professional what qualifies as a deduction. Just make sure to keep your receipts and ALWAYS ask questions. #travelnow #traveltips #traveltogether #traveladdicted #travelpassion #moneysaver #moneymanagement #moneytalks #moneytips #moneyflow #moneymatters #moneysaving #moneymotivation #moneymoves #moneytime #encino #irs #taxseason #taxrefund #taxreturn #taxprofessional #wealthbuilding #wealthcreation #wealthmanagement #wealthbuilder #buildwealth #buildingwealth #wealthymindset #wealthylife

Leave travel allowance can help reduce your tax burden. This blog covers relevant aspects of LTA: https://lnkd.in/dzyNRU7i

Travel Expenses: ✔Ordinary and necessary expenses for traveling away from home for business. ✔Expenses must not be lavish, extravagant, or for personal purposes. Traveling Away from Home: ✔ Required to be away from the general area of your tax home for longer than an ordinary day's work. ✔ Must need sleep or rest to meet work demands. #TaxTips #TaxSavings #TaxSeason #Deductions #TravelExpenses #TaxPlanning #SmallBusinessTax #TaxTime #FreelancerTaxes #TaxHacks #IRSUpdates #FileYourTaxes #TaxAdvice #TaxRefund #BusinessExpenses

Are you taking full advantage of business travel tax deductions? 💼 Discover everything you need to know about deductible expenses, including transportation, lodging, and meals. Understanding these key details can help you stay compliant while saving money on your next trip. Swipe through for guidance on making your business travel smarter for your finances. 🔗 https://cstu.io/96b87e #BusinessTravel #TaxDeductions #TaxPlanning #HamiltonTharp #BusinessExpenses

Is Train Travel Tax Deductible? John Saade breaks it down on SEN's The Jimmy Smith Show 🎙️ ✅ Deductible: Traveling between workplaces or work and study locations. ❌ Not Deductible: Commuting to and from home (ATO says that's personal). 👉 Have tax questions? Get in touch! #TaxTips #ATO #TrainTravel #DeductibleExpenses #Radio #Sen

🚫 Travel meals aren't 100% deductible! 🍽️💼 When it comes to meals & entertainment expenses, most fall under the 50% rule. However, there are a FEW exceptions falling under the 100% deductible category.⁠ To learn more about meals & entertainment expenses, make sure to check out our full video on the topic! https://lnkd.in/g2EW5Zxt #taxtips #taxdeduction #taxsavingtips #businesstravel

Can a Landlord Claim Travel Expenses? Landlords often find themselves on the move, whether it's darting from one property to another, sourcing materials for a quick repair, or meeting potential tenants. Travelling here, there and everywhere is a natural part of managing a rental business. However when the mileage starts to add up, so do the costs. This raises an important question: can these travel expenses be claimed back to ease the financial burden? In this article, we’ll get into the specifics of what travel expenses landlords can claim, the conditions that apply, and how to ensure you're making the most of allowable deductions while staying within the lines of UK tax laws. https://lnkd.in/e5_r5_Na #Insurance #TowergateInsurance #InsuranceBroker #Landlord

Can we claim Leave Travel Allowance while Filing ITR-1 ? Yes, You are eligible to claim the exemption. However, it is important to provide the relevant travel receipts to your employer for documentation prior to making the claim. #LeaveTravelAllowance #LTA #TaxExemption #ITRFiling

Maximize your tax savings by claiming travel expenses for business meetings and conferences. Don't forget to keep those receipts! 💼✈️ #TaxTips #BusinessTravel #TaxDeductions #SaveMoney #AccountingAdvice #SmallBusiness #MakesworthAccountants #UKBusiness #FinancialPlanning #BusinessExpenses #TravelSmart #ExpertAccountants