Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Ever since I heard about the Harry Potter village at Universal Orlando, I’ve wanted to go there. But Orlando is an expensive place, especially if you want to be anywhere near the main attractions.
How could I make this a tax-deductible trip? I could go to an IRS Tax Forum in July.
Practically every industry has courses, seminars, workshops, trade shows, or other events taking place in desirable vacation spots. Look at how Las Vegas, a common location for industry conferences and trade shows, has morphed into a family town. It provides unlimited entertainment and services for children.
Deducting Your Travel Expenses
Bringing your spouse and children along to a business conference or trade show can cost very little. For instance, if you drive, it will cost you nothing extra to bring your whole family—as long as you all fit into one car and one hotel room. While your room is probably fully deductible, don’t deduct any extra fees for cots, resort fees for the family, or the kids’ room service. Your meals during the business days of the trip will be deductible—theirs will not.
Note: If a double room costs more than a single room, you may only deduct the cost of the single room. However, employees have the option of using the IRS per diem rates for lodging. Often, these will be higher than the fee you paid for the room. Just remember that if you use per diem rates for one trip during the year, you must use them for all trips during the year.
Even if you diligently adhere to your business duties, you’ll likely have the evenings to spend with your family. And if you plan the business vacation properly, you might even have a weekend at the beginning or the end to spend with them. For instance, if the event starts on a Monday, you can arrive the Saturday before and perhaps arrange to meet with colleagues for an hour or two on Saturday and/or Sunday.
Deducting the Family, Too
If your children and your spouse actively work in your business, you can deduct their expenses as well. But they have to be working during your event or registered to take courses with you.
Think of them as you would any employee who comes along to a conference or trade show. At a conference, they have duties to perform, courses to attend, continuing education to earn. At a trade show, they should be working your booth, named in your brochures, and picking up contacts or clients or customers for later follow-up.
For instance, I used to attend an affiliate marketing conference each year. Tony Fiore, another attendee, would bring his entire family to the conferences in the Bahamas. He was a speaker at the event and a sponsor with a booth. His family worked the booth, and they also did something special. Each year, they would set up a scavenger hunt where conference attendees could win prizes. The family worked. They had fun. And everyone at the event knew the Fiores.
Eva Rosenberg, EA, is the publisher of TaxMama.com®, where your tax questions are answered. She teaches tax professionals how to represent you when you have tax problems. She is the author of several books and e-books, including Small Business Taxes Made Easy. Follow her on Twitter: @TaxMama
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.