February 06th, 2016
TAX TIP OF THE DAY... deduct your luggage!
I like the suitcases on 4 wheels that appear to roll effortlessly with the touch of one finger. But they are expensive. GOOD NEWS, if you occasionally travel overnight for work. It's time for a luggage upgrade and a NEW TAX DEDUCTION. You can deduct the business portion of luggage expenditures.
The business portion is calculated based upon the number of business trips vs the number of personal trips for an average year. The number of days of each trip does not matter. So if you take an average of 2 business trips per year and 2 personal overnight getaways... you can write off 50% of your new luggage.
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If you need tax help... www.baboiancpa.com
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David S. Baboian, CPA