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How to Write Off Travel and Entertainment Expenses

Are you perplexed by the 13-page IRS guidelines for deducting travel and entertainment expenses? Here I hope to guide you on how to find deductions and hopefully avoid getting audited by the IRS

How to avoid missing out on deductions

Specific rules about which entertainment and travel expenses are tax deductible can make complying with the tax code seem like trying to swim upstream during a thunderstorm. However these expenses are some of the most expenses for small business and can sometimes mean the difference on whether or not a business can continue to operate the way it is and still make a profit. If you are not careful it is extremely easy to miss out on getting deductions for legitimate expenses. The following will explain how to avoid missing out on deductions in the future.

Business Travel Expenses

If your business requires that you are away from home long enough to stay overnight, you are eligible for tax deductions related to this travel. Assuming that you were away from your tax home long enough to stay overnight, you are allowed to deduct the following travel expenses (note that some rules for international travel are different):

  • Planes, Trains, and automobiles: You don’t necessarily have to choose the cheapest and most uncomfortable option in order to deduct transportation however need to choose an options that is appropriate and makes sense for the task at hand. Flying first class is generally permissible, but you won’t get away with trying to deduct a 3-day cruise you took en route to a meeting.
  • Meals: Fifty percent of the costs of meals while traveling are deductible. This includes tips and tax. Taking a client out to dinner is also deductible but it required that you document what business was discussed at the meal in order for the audit to pass.

As an alternative to documenting the exact cost of meals, the IRS offers the option to deduct a set amount for meals per day. At the end of 2009, the standard meal deduction for most cities in the United States was $46 per day. This isn’t an option for travel outside of the continental United States.

  • Lodging: This is the same as meals. You are allowed to deduct 50% of whatever you paid if you took a trip required you to stay overnight.

Entertainment

For all things business related that involve attending an entertainment event is 50% deductible except for the following examples:

Dues to civic organizations like the chamber of commerce or a professional organization.

  • You are allowed to deduct the cost of spouses’ meals only if there is a clear business purpose to do so. For instance, if you invite a customer who is visiting from out of town to dinner and it would be impractical not to invite his or her spouse, you can deduct the cost for the spouses’ meal as well.
  • Only the face value can be deducted. Service charges and fees are not deductible. If you purchase a luxury box for multiple events, only the cost of a non-luxury ticket per person can be deducted.

Final Words

Hopefully this helps you stay on top of your taxes and get the deductibles you deserve!

Entertainment

How to Get Into the Entertainment Business with These Simple Steps

Do you love the idea of getting into the entertainment business? Being a famous actor, dancer or singer can appeal to a lot of people and in today’s modern world anything is truly possible. You don’t have to be stick thin to become a model and you certainly don’t have to be the prettiest woman in the world to become an actress either. Yes, looks count but it’s really about skill and how good you are at what you do because at the end of the day, the audience wants someone who can act or sing to entertain them. Getting into the showbiz world can be a lot easier too. The following are just a few simple steps to think about too.

Get In Some Research

You might think the showbiz world is all about travel and heading to exotic locations but sometimes you’re very much wrong! When you want to get into entertaining you have to research your chosen field a little more so that you understand what’s involved. For instance, if you wanted to become an actor you should look at the various fields within acting. There are stage and drama acting, TV and movie acting and each requires something different. That is why you really have to research your field well.

Take In Some Acting or Dance Lessons

Next, when you know what area of entertainment you want to get into, you should think about taking up some lessons. Now, you don’t have to be very young or in your teens to become an actor or singer and in truth, a lot of people come late to this field. However you do need some acting lessons if you want to make it to the top. Giving yourself some classes on the subject and learning how to properly act or sing without looking too unprofessional will help. It’s a simple task that will give you so much more when you want to get work in this field.

Sign Up To an Agency

If you’re interesting in singing, dancing, presenting, being a magician or acting, it is wise to look into signing up to an agency. An agent is the one who can get you the work and who can recommend you to certain jobs too so they are a necessity. If you wanted to get into acting but had no real experience you could choose acting extra’s agency to get extra work and this would show you how things work behind the scene. Travel might be necessary at times but again it’s nothing too strenuous. Agencies will help most people get jobs and promote them a little more too so they are worth looking into.

Work Your Way to the Top

To be honest, when you’re trying to work your way into showbiz or the entertainment business it’s going to take time. You can see a few well known celebrities shooting to fame overnight but in most cases, it doesn’t happen but that doesn’t mean to say you can’t reach your ultimate entertainment goals! However, it is going to take a lot of hard work and determination but anything is possible. Far too many people think getting into the entertainment business is impossible unless you have a famous mother or father but in truth it’s not. Anyone can reach the top of the entertainment business as long as you’re willing to work for it.

Love to Entertain

Being an entertainer can truly be wonderful and this is quite a varied field too. You have a lot of options to consider and you can in fact get into the entertainment business without too much trouble. You have to be prepared to work for success but if you do, anything is possible and as long as you do something you enjoy, who cares how successful you become. Whether you travel everyday for an acting job or perform on the local music halls stage, entertaining can be fun and fantastic. For detail http://www.theviveur.com/travel/best-beaches-jamaica/