{"id":28,"date":"2009-10-19T20:32:10","date_gmt":"2009-10-19T20:32:10","guid":{"rendered":"http:\/\/vernfree.com\/?p=28"},"modified":"2009-10-19T20:32:10","modified_gmt":"2009-10-19T20:32:10","slug":"tax-tips-for-trade-shows","status":"publish","type":"post","link":"https:\/\/vernfree.com\/tax-tips-for-trade-shows\/","title":{"rendered":"Tax Tips For Trade Shows"},"content":{"rendered":"

If you will be participating in any trade shows this year, here are a few tips you need to keep in mind. You want to get as many legal write offs as possible, but be careful… don’t cross the line with write offs that aren’t allowed.<\/p>\n

\u201cThe IRS is always looking for excessive or unsubstantiated deductions when it comes to travel expenses,\u201d cautions Tom Ochsenschlager, vice president of taxation at The American Institute of Certified Public Accountants (AICPA), Washington, D.C. \u201cIt’s the low-hanging fruit for auditors.\u201d <\/span><\/p>\n

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  1. Is\u00a0 it a legitimate trade show? \u201cIf a trade show serves a legitimate business purpose, then the related travel expenses are tax deductible,\u201d says Patrick Anderson, principal of Anderson Economic Group in Lansing, Mich.<\/span><\/li>\n
  2. Meal expenses: <\/strong><\/span>\u201cYou can deduct meals when you are traveling over-night away from home or if the meal is business-related,\u201d says Andrew Benedict, tax manager at RGA Advisors in New York. But don’t forget that is only for 50% of the bill<\/span>. (Meals must be reasonably priced and not outlandish)<\/span> <\/strong><\/li>\n
  3. What about my spouse?<\/strong> \u201cGenerally, you cannot deduct travel expenses of a spouse who does not play a substantial business role,\u201d says Anderson. \u201cThis is a common area of abuse and one at which the IRS looks closely.\u201d<\/span><\/li>\n
  4. You must have a backup!<\/strong> remember to create a log. I know it is a hassle to do so but it is worth it. The following info is required if you are claiming to take a meal deduction:<\/span>\n