14 Places to Hold a Business Convention That You Can Write Off Your Taxes
Have you ever wished you could combine business and pleasure in a way that also gets you ahead financially? Think that’s a tall order? Well, not so fast…what if you were told that you could have your next business meeting or convention in a beautiful location where you could also enjoy a great vacation and get a tax write off while you are at it? If you choose one of the following 14 places, you can hold a business convention/meeting, enjoy a beautiful setting and save on your taxes:
- Costa Rica
- Dominican Republic
- Saint Lucia
- Trinidad and Tobago
- All U.S. Possessions
That’s quite a list! So, if you choose to hold your next business convention in one of the places listed above, you can write it off on your taxes without even having to give a special reason for the location of the meeting.
So, you must be wondering…what’s the catch? Well, you still have to follow the basic IRS rules for deducting a business trip:
- The primary purpose of the trip does need to be business. That doesn’t mean you cannot have fun too, but the majority of the time needs to be spent focused on work.
- You need to be able to produce an itinerary or “prior set business purpose” of the meeting in advance of your trip. The IRS will not allow you to deduct business travel expenses without this.
- Your business meeting or convention must be connected to your actual business, trade or profession.
- Also, you should be aware of what expenses are deductible and which ones are not – generally, you are able to deduct your travel expenses, lodging, rental cars, and approximately 50% of your food expenses for days that are considered business. You cannot deduct travel for family members.
- Keep accurate documentation and receipts so that when it comes time to file, you are covered. Without good documentation, you leave yourself vulnerable if the IRS comes back to you with questions…or an audit.
So, planning a business convention in a beautiful or exotic location could be an excellent way to combine business with a little pleasure, all while deducting it on your next tax return. If you choose to do this, you will want to be sure that you meet all IRS regulations so that you do not increase your audit risk.
Partner with Success
If you still have some questions about how this is done or would like to be sure that your plans are in line with the IRS, you may want to consult with a tax firm that has experience in this area. Success Tax Relief has helped many businesses (large and small) identify opportunities to save on their taxes and to deal with IRS for a variety of problems. Give Success Tax Relief a call today at (877) 958-6638.