As you finalize your summer travel plans, make sure they’re as cost-effective as possible. In the past, we’ve recommended three strategies to ensure that all travel is practice related (tax-deductible) to improve your profitability and eliminate nondeductible personal travel costs. Here’s a fourth.
The first strategy is to coordinate your family vacations around in-person continuing education (CE) meetings. If you can’t locate an in-person CE event where you’re traveling, here’s a second strategy that can work. Attend a live, online CE event while on your trip. However, you must spend at least four hours a day in live (not taped) online classes that maintain or improve your job skills and qualify for CE credits. This will make the cost of the CE tuition, travel, hotel, and meals all tax-deductible business expenses under Section 162. But beware—the IRS maintains that merely reviewing
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