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Can I Deduct Vacation Expenses?
Here’s what the CPA’s have to say
The IRS claims that you can deduct any expense that is related to your profession as long as it is common and is for the purpose of your business.
But it’s difficult to figure out what is considered a legitimate business expense.
If you’re a freelancer working on a project or meeting with a client while on your vacation, you can write off a certain portion of the meals and travel you spent for work. You can also deduct your lodging expenses depending on the location of your project or meeting. There are other vacation-related expenses that you can claim depending on your profession.
Can you deduct vacation expenses?
Generally, vacation expenses are considered personal in nature and are not deductible on a tax return. However, if you’re self-employed and happen to be working even while on a vacation, you can deduct a portion of your vacation expenses that are related to your business.
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Can you claim a vacation as a business expense?
According to the IRS, you can deduct any expense that is related to your profession as long as it is considered common and helps you in conducting your business. However, while vacationing is a personal expense and that is non-deductible under most circumstances, there may be some ways to write it off as a possible business expense.
As a freelancer, if you happen to be working on a project while on a vacation, you may write off a couple of expenses. Some other freelance professions where you can claim the tax deduction include:
- Actors
- Social media influencers
- Musicians
- Models
- Writers
- Performing artists
Who can claim a vacation as a deduction?
To deduct any expense, it must be directly related to your business. If you’re a freelancer and conducting business activities while on a vacation trip, you can deduct major expenses. Here are some vacation-related deductions you can expect if you are one of these types of freelancers:
Actors/Models:
As an actor, if you’re on your vacation and happen to be shooting for a film or advertisement, you can deduct the commute to the filming location as well as the grooming expenses associated with your role or project.
Performing Artists:
Similarly, you can deduct the cost of lodging associated with your business. If you’ve booked a suite at a hotel for 3 days for your vacation (personal expense), and on the second day, perform for an event at the same hotel (business expense), you can segregate the business portion of this expense and deduct it accordingly.
Social Media Influencers:
Social media influencers generally blog a lot about their travels for business purposes. As a social media influencer, you can deduct a portion of your lodging expenses if you have to conduct a brand shoot highlighting or reviewing the accommodation. You can also deduct the clothing expenses for the outfits you wore to promote a brand.
Writers:
As a freelance writer, you may have to attend book tours and signings, and if these events happen to coincide with your vacation, you can deduct the cost of travel and meals incurred while attending these events.
Click here to find out how FlyFin can help you to take this as a deduction.
Frequently asked questions
FAQs
Can a YouTuber deduct the cost of lodging while on a vacation?
Can an artist deduct the cost of meals while on a vacation?
Can a performing artist deduct the cost of clothes worn during the course of vacation?
Can travel bloggers claim meals consumed during vacation as a tax deduction?
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