Tags: Business Expenses

Are Award Tickets for Business Flights Deductible?

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Are Award Tickets for Business Flights Deductible?

Travel rewards credit cards and airline loyalty programs can garner frequent flyers a generous quantity of airline miles or rewards points that can be used to obtain an award flight while incurring no out-of-pocket expenses. If you regularly travel by air on business, this leads to the question, “Are award tickets for business flights deductible?” Read on to learn about the tax implications of using frequent flyer miles or reward points in lieu of cash for business airfare—and why it may be favorable to your wallet come tax time to reserve those frequent flyer points for personal flights.

5 Tips to Separate Business Expenses from Personal Expenses

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5 Tips to Separate Business Expenses from Personal Expenses

While independent business ventures can afford self-directed workers personal and economic freedom, that freedom can also cause individuals to conflate their personal and business expenditures. While this practice does not in itself trigger an IRS audit, it can force you to employ guesstimation tactics when reporting business expenses to the IRS, and this can lead to tax woes and a limited potential for business tax deductions.

How to Deduct Business Expenses on Your Tax Return

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How to Deduct Business Expenses on Your Tax Return

Deducting your business expenses when you do your income taxes can be quite valuable because the more deductions you have, the lower your taxable income will be. Let’s walk through how to deduct your business expenses on your tax return without drawing any red flags from the IRS.