June 2024

The general rule is that business travel expense deductions are only available to business owners, but don't count yourself out of those deductions just yet.   Let's explore the ins and outs of the business travel deductions to ensure you make the most of every business trip.

To start out with, the IRS provides details on business travel tax deductions in IRS publication 463, and the the rules allow a variety of travel expenses to be deducted, including:

A new study by Gallup found that over half of Americans are interested in becoming their own boss.  The Shopify-Gallup Entrepreneurship study, released Thursday, discovered that 62 percent of the surveyed adults would prefer to be their own boss, while 35 percent prefer working for someone else.

The IRS has announced plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says.  They plan to essentially stop “partnership basis shifting", which is a process where a business or person can move assets among a series of related parties to avoid paying taxes.

Social Security-related scams are very common, according to a March report from the Federal Trade Commission, which said it’s the number one “government imposter scam in the United States.”   In 2023 alone, consumers reported losing more than $126.5 million in Social Security-related scams.  That's millions!