The IRS has a specific set of rules to follow while claiming a portion of your private property for business use. If you precisely follow the given rules, you can slightly offset the cost of owning or renting and maintaining the property. Neglecting to abide by the rules, however, can land you with an audit and possible repayment of the previously award funds. Here’s what you need to know when calculating deductions for using your personal property for business-related tasks.
Whether you are traveling to Idaho or the Caribbean on business, you may have the ability to deduct a large portion of your trip costs from your tax return. The IRS has a specific set of criteria to abide by, however, when determining which expenses are eligible. You must carefully ensure the trip planning and execution phases remain in line with IRS rules to avoid absorbing the associated costs as a loss. By taking the following steps, the majority of your business trip expe