Entrepreneurs Take A Tax Deductible Road Trip Or Long Vacation

Entrepreneurs Take A Tax Deductible Road Trip Or Long Vacation



Is extensive travel one of​ your unfulfilled dreams?

For years,​ my husband and I had talked about taking a​ grand tour of​ the​ U.S. and Canada,​ visiting well-known cities and viewing glorious landscapes. on​ March 1,​ 2003 we left in​ our car to​ do just that. at​ the​ end of​ May,​ we returned home having racked up 20,​000 miles,​ having experienced countless adventures. What’s more,​ by working just a​ few hours a​ day,​ we earned the​ same amount as​ at​ home and will be deducting expenses for the​ entire trip on​ our tax return. We plan to​ repeat our feat this summer,​ in​ and around Alaska.

You too can do this! Here are five ways to​ turn the​ long trip you’ve been dreaming about for ages into tax-deductible – and profitable! - business travel.

1. Seminars. By announcing my itinerary to​ subscribers of​ my weekly newsletter,​ the​ Marketing Minute,​ I received seminar or​ speaking invitations for Houston and Austin,​ Texas; San Francisco and Sacramento,​ California; Seattle,​ Washington; Langley,​ British Columbia and several other locations. Most business organizations plan events several months in​ advance,​ so time your trip announcements accordingly. Besides appearing at​ events sponsored by an​ established organization,​ you​ can line up co-sponsors who know one or​ more of​ the​ areas you’ll be traveling to​ and who will take charge of​ your legwork in​ exchange for a​ percentage of​ the​ profits.

2. Client meetings. People I had been working with remotely were thrilled at​ the​ opportunity to​ get together in​ person when I would be passing through their area. Some of​ these meetings turned into enjoyable social occasions while others materialized as​ paid consultations. You’ll need much less lead time to​ set up these get-togethers than for seminars.

3. Research. Haven’t you​ always wanted to​ find out how businesses deal with setbacks differently in​ different parts of​ the​ country or​ the​ world? if​ not,​ then maybe you​ can formulate another travel-worthy question whose answers relate to​ your line of​ business. Upon your return,​ you​ can publish a​ report and voilà,​ you​ have a​ new product and your trip had a​ legitimate business purpose.

4. Focus groups. Convene small groups to​ feel out the​ market for possible new ventures from your company. you​ may need just one business contact in​ each city where you​ want to​ do this. Offer a​ free lunch or​ dinner for participants and something more for your contact,​ and ask him or​ her to​ round up colleagues for an​ interesting colloquy on​ _____ (describe the​ topic appealingly). to​ fend off suspicions that this will be a​ disguised or​ explicit sales pitch,​ promise that the​ event will include no selling.

5. Book tour. Setting up author events is​ a​ feasible option if​ you​ have at​ least one published book,​ even if​ it​ came out a​ couple of​ years ago. if​ your book is​ fiction,​ the​ events would normally be readings or​ book signings,​ while if​ your book falls into the​ nonfiction category,​ you​ can either offer a​ talk about the​ topic of​ the​ book or​ set up book signings. Besides all manner of​ bookstores,​ including specialty ones like those focusing on​ mysteries,​ New Age,​ Christian or​ gay and lesbian themes,​ book events also take place at​ libraries,​ museums,​ community centers,​ churches and synagogues. as​ part of​ selling books during your travels,​ make sure you​ contact local media outlets along the​ way!

Reminder: Be sure to​ consult a​ qualified tax advisor to​ determine whether or​ not your travels will count as​ tax deductible.




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