Friday, February 24, 2012

Tax Deducting Business Flights?

I have worked at a sports venue in Nashville for three seasons, however, this season I chose to relocate to Florida, where I reside now, and have chosen to travel back up to work the games in Nashville and also work in Florida at a sports venue property the same company owns (Levy Restaurants). I have worked it out with my managers in Nashville to be able to fly up and work the games and have a schedule that benefits me to be able to work both locations. My question is will I be able to tax deduct my expenses for traveling even though i am an hourly employee?Tax Deducting Business Flights?
The question is not whether you are paid hourly or by salary. The question is: where is your tax home?



You can only deduct travel expenses when you are away from your tax home. This is not definitive, but FL may be your tax home by virtue of a domicile there, but the relative amounts of income between FL %26amp; TN also can be a factor.



However, it may be a moot point. These travel expenses are considered employee business expenses and only that portion in excess of 2% of your AGI is an allowable deduction.

Then consider that you already get a standard deduciton of $5200, so if you do not spend that much, there's your answer.



If your travel expenses are significant enough to make a difference, go to IRS.gov and read the publication on travel expenses. If it is insufficiently clear, engage a tax pro. This question is too tricky to correctly answer in this forum.

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