Posted by 21 October, 2017
Last modified: 21 October, 2017
Traveling for work? Deduct your accommodation costs!
Are you missing out on your friend’s barbie to travel for work? No doubt, we know that work can be a drag if you have to travel, especially if it isn’t for vacation time. On the other hand, you could enjoy being pampered for a few days and get away from home. Luckily, whether you enjoy traveling for work or not, you can deduct most of your accommodation costs on your tax return if you are responsible for all of your up-front business trip costs.
Let’s take a look if you’re eligible to deduct these expenses and how to do it.
Did your employer issue you a travel allowance?
First, if your employer issues you a travel allowance for accommodations, you need to report it as income on your tax return. In other words, you do not need to declare the allowance on your taxes if:
- The travel allowance is not on your payment summary.
- The allowance is a deductible accommodation cost.
- You can count meal and incidental expenses.
So, if it’s not included as income, then you can’t report it. It’s as simple as that!
Follow this 6 Rule Checklist:
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