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Denver Tax Specialist Reveals Potential Travel Deductions

February 20, 2019

Traveling for work? Being asked to attend a meeting in another city? If you’re racking up numerous expenses incurred because of business while traveling, then some of your cost may potentially be deducted on your tax return. Depending on your business status and the reason for your travel, some of the most common expenses may be deducted from your return with proper documentation and explanation.

Remember to keep all of your receipts when issued and track your expenses from the time you leave until you return. If you do any personal exploring while away then these costs will not be deductible but the following could help to reduce your tax liability when filing each year.

Whether traveling for business or to entertain a potential client, the cost of your airfare could be deductible. If you have to personally pay for expenses, remember to keep all records of travel and if not reimbursed by the business or your company, then the trip can likely be taken. Your specific type of business and the travel incurred will go a long way in determining what the specific deduction capabilities are for the trip(s) in question.

Uber/Lyft/Taxi Cab
If you believe your Uber ride counts as a tax deduction, you may be right. Just as with the airfare, if you’re traveling for business purposes and having to pay out of pocket for travel around a city, to meet clients, or to get from one business venture to the next, then these expenses could be tax deductible.

All similar modes of transportation - Uber, Lyft, Taxi Cabs, etc. - are all available so ensure that you are tracking your expenses while traveling and keeping up with the proper paperwork to verify any and all travel related expenses associated with car services.

Rental Cars
If the use of cabs or another transportation service isn’t available and a rental car is used, the same may apply. Should one not be provided or reimbursed, then any personally paid transactions associated with a rental car may also be claimed when filing taxes.

Don’t forget about parking. Both fees incurred while having to park wherever you are located for business and at the airport, should you have to fly, each is an available option to potentially be used as a business expense.

The tax experts at Bloch Rothman and Associates are ready and willing to assist with all of your questions and filing needs, including help with determining which expenses apply to your specific tax return. Serving Denver and the surrounding area for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!