How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?
- Primarily Business
- Primarily Vacation
- Special Circumstances
- Foreign Conventions, Seminars and Meetings
- Cruise Ships
- Spousal Travel Expenses
Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including travel expenses, fall into this category. Therefore, this discussion only applies to self-employed individuals for years 2018-2025.
When a self-employed individual…
- 1 Jul, 2019
- Jacqueline Cran
- 0 Comments