Are you a traveling corporate salesperson? You know, someone who's constantly on the go. Flights and cars and hotels.
You're an unsung hero, and you deserve a reward.
Enter tax code policy. Not paying taxes isn’t the reward, paying LESS than you may have thought you had to is.
Make the most of your tax deductions with all the money you spent on those trips. A few of these deductions could be:
- Drinks (yes that organic chai tea you bought at the airport plus the tip is deductible, so don’t forget to tip especially if they spelled your name correctly)
- Dry cleaning (after all you couldn’t have gone to the seminar with that chai tea stain on your shirt. It wasn’t your fault the barista at the airport didn’t put the lid on properly, maybe if you tipped…)
- All of your meals (including the midnight snack on that last red-eye connection)
- Telephone calls (business calls only; so no, the call to your bestie that always picks you up from the airport doesn’t count)
- Business cards or any materials printed or shipped
Deductions not allowed
- Anything that is employer reimbursed
- Any costs that were incurred during the business trip that wasn't directly used for business (i.e. those drinks you had to celebrate closing the deal or that cable movie you bought to fall asleep)
So all in all, it’s not a bad deal. In exchange for your lifestyle, you have a smaller tax bill or a bigger refund during tax season and you can at least buy your nephew the baseball jersey he’s been eyeing forever.
. . .
Jody Grunden is a nice guy who likes hockey, golf, and his family. He also meets with businesses on a weekly basis as a Founder and Managing Partner over at Summit CPA Group, a Virtual CFO firm that helps growing companies manage (and improve) their finances.