Write Off Your Vacation As A Business Expense

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Write Off Your Vacation As A Business Expense

Encourager-In-Chief: February 3rd, 2016

Expense your working vacation as a tax write off!

Most of the entrepreneurs I speak with are unaware that, if you spend the first day of your vacation and the last day of your vacation talking about business, you can write off your vacation as a business expense.

I believe I first learned this lesson from Sandy Botkin of the Tax Education Institute. Besides being a CPA and an attorney, Mr. Botkin spent five years as a legal specialist in the Office of Chief Counsel for the Internal Revenue Service.

This is a great way for entrepreneurs to get a tax break when they take a vacation to recharge. I realize most entrepreneurs wouldn’t even dream of taking a vacation because they are usually trying to do everything they can to keep their heads above water. Perhaps more business owners would be successful if they would take a break, get recharged, and write off their weekend getaways or Mediterranean cruises. Naturally, you’ll want to write down specific business-related details like times, dates, amounts, specific topics discussed, and with whom.

Of course, the choice is yours, but running your own business is hard enough work without taking a break to remember why you’re working this hard in the first place. Don’t short change your family. If you’re like most entrepreneurs I know, you’re going to be talking about work during most of your vacation anyway. Discipline yourself to do it on the way there and on the way back and forever hold your peace in between, so you can write off your vacation and spend some well-deserved time with your family.

It’s not how much you make, but how much you keep that counts.
- Famous business adage

This excerpt is taken from my Survive and Thrive in Your Own Business seminar.

Survive And Thrive In Your Own Business


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