With a little savvy planning, such as sandwiching a relaxing weekend holiday in between Friday and Monday appointments, small business owners can get some much needed time off, while still getting a small break from the IRS.
Westlake Village, CA (PRWEB) September 11, 2013
CorpNet.com, a leading online business document filing company that helps entrepreneurs start a business and keep a business in corporate compliance, was recently interviewed on FOX’s Small Business Center. Akalp shared tips on how small business owners can legally write off part of their vacation when mixing business with pleasure.
“Many business owners don’t realize just how much they can deduct for their travel. With a little savvy planning, such as sandwiching a relaxing weekend holiday in between Friday and Monday appointments, small business owners can get some much needed time off, while still getting a small break from the IRS,” explained Akalp.
Through CorpNet, Nellie and her husband Philip Akalp have empowered thousands of entrepreneurs to start their own business. As an online legal document filing service, CorpNet helps small business owners form an LLC or incorporate a business in order to start and protect their new business ventures the right way.
Nellie’s five tips for writing off vacation time include:
1. Make sure the primary purpose of the trip is for business: To deduct the transportation expenses, the majority of days must be for business (your travel days are typically counted as business days as well).
2. Know what you can deduct: In general, small business owners may deduct any transportation costs (plane tickets, taxis, airport parking, etc.) needed to get to the destination. You can usually deduct 100% of lodging, tips, car rentals, and 50% of your food for any of the business days.
3. Sandwich a weekend between work days: If you have a business day on Friday and Monday, you are able to deduct your hotel, meal, and other costs incurred over the weekend too.
4. Document your expenses and keep all lodging receipts: Consider putting all expenses on a business credit card, so you have a single paper trail.
5. Make sure you set up your business appointments before you leave: The IRS requires that you have at least one business appointment already scheduled before you leave.
CorpNet.com is known for its customer-centric philosophy, developing a range of no-cost, value-add tools to help small business owners thrive in today’s economy. CorpNet customers rave about the company’s friendly, helpful service, including five-star CorpNet Reviews on TrustLink.
To view the video on FOX, please visit: http://video.foxbusiness.com/v/2649485364001/how-to-make-your-summer-vacation-tax-deductible/?cmpid=prn_nasdaq
CorpNet.com is an online business document filing service that provides new and existing business owners with the most comprehensive, cost-effective services when it comes to starting, protecting, and managing a business. Through its website, CorpNet.com provides business filing services required for a variety of business needs such as: incorporate online or form a Limited Liability Company (LLC), file a DBA, Doing Business in Multiple States (Foreign Qualifications), close a business (Dissolutions), Registered Agent Representations, Trademark Search and Registrations, and Corporate Compliance services and supplies for all 50 states.
Founded by experienced entrepreneur/attorney husband and wife team, Philip and Nellie Akalp, CorpNet.com is a private company based in Westlake Village, CA. For more information, please visit http://www.corpnet.com or follow @CorpNet on Twitter.