How to get a tax write off for summer vacations?
As summer approaches I am sure many of you have at least one summer vacation planned. What would you say if I told you that you could potentially write off the expenses for your fun in the sun? I’m crazy right? I might be crazy, but I’m about to show you exactly how to do just that.
If you have already planned your vacation then you are one step ahead. You will need to research for any convention or conference that relates specifically to your career in the area you are planning to visit. The conference/convention can be anything that improves your skills or knowledge in your current career.
If you haven’t planned your trip yet and you want to get the best bang for your buck start researching conferences in a couple places you have thought about visiting. You can contact associations that are associated with your field to find such events or even Google. Believe it or not a lot of business conferences are held at Disney World! I bet the kids wouldn’t mind you spending a few days “at work” while they run around Magic Kingdom.
Now that you have selected a place and an event you wouldn’t minding spending some of your vacation at, you need to schedule your time so that you spend at least four hours a day participating at this event. Best way to track this is time-logs or you can request sign in information to prove you were present.
Now what if I told you there is even a way to deduct your airfare? I’m insane right? If you arrive the day before your scheduled conference and leave a few days after; you can deduct your airfare. Even the hotel is deductible for the night before and the night after the event.
So you just planned a 4 day family vacation at Disney World and your kids are ecstatic, but you’re even more excited because you scheduled your vacation around a conference. So now you can write off nearly half of this family vacation by bettering yourself for just 4 hours!