Comments on: How to Enjoy a Tax Free Vacation

By: Scott

Scott — Sat, 29 Jan 2011 03:49:34 +0000

If I register for a conference the year before it occurs, do I make the deduction on my taxes for the year that I paid the registration fee, or the year that I attended the conference?

By: Venkat

Venkat — Sun, 21 Feb 2010 18:01:49 +0000

Hi Robert and other readers,

I am a one person S-Corp. I recently attended a conference. And I use QuickBooks Pro. I have a question:

Under What category do the Airlines/Hotel/Meals expenses go. I put the Conf. fees under Professional Development category. Not sure if I can put air and hotel in the same category and meals under Meals and Entertainment category.

Thanks,
Venkat

By: Linda

Linda — Tue, 11 Aug 2009 02:03:04 +0000

My first year of total self-employment meant that I made a lot of money, but I didn’t have enough deductions and owed a bunch of money! This year I worked a bit less, and everything I spend has to be towards something I can deduction. I took a trip to attend an educational conference in a town that a friend lived and a place I had never been. I went to the conference and got to visit with my friend, too. The trip will be a good deduction.

I wonder what people do who are self-employed and make six figures, etc.
Six-figures and a W-2 is a whole different world. I got to be better informed. Thanks for information on this website.

By: Scott Lovingood

Scott Lovingood — Mon, 10 Aug 2009 18:34:43 +0000

Dealing in the tax world, I am always amazed at how little most self employed and business owners do to reduce the amount of tax they owe. Considering how the tax code can be used in your favor and can impact as much as 50% of your income, I would expect more people to learn and educate themselves.

If you don’t want to educate yourself, find a good professionaly who is willing to work with you, coach you and ask tough questions.

You can have a huge impact on your wealth by focusing on how to reduce legally what you owe in taxes.

By: Damon Day

Damon Day — Sat, 08 Aug 2009 21:12:10 +0000

The sad thing is that the code is so complex and full of special deductions, that in order to take advantage of it, as you should, you almost have to plan your life around the tax code. Not so much if you are w-2 wage earner, but definitely if you are self employed. Everything you do is a tax benefit or a consequence.

By: Miranda

Miranda — Thu, 06 Aug 2009 13:08:59 +0000

As a professional blogger, I can deduct BlogWorld when I go! It really is good to know a little bit about the ins and outs of possible deductions.