Training For Success With Your Internet Business – Article 9 – Travel Expenses

You have to love “travel expenses” as a category of expenses for your business.

The primary purpose of your trip away from home must be for business purposes. If your trip is for a business purpose then you are permitted to deduct the cost of transportation between your home base and your destination.

In addition, you may also be able to claim costs of lodging, meals, and all related and necessary travel expenses, not only for the days you engage in business activity, but for time you spend on other activities while you are on your trip.

This will include sightseeing, trips, entertainment and meals while building a relationship or enjoying other non business activities at your destination. The costs of recreational activities, during the personal portion of your trip are not, however, deductible.

The cost of a vacation taken at a non business destination before or after reaching your business destination may be deductible, but you will need to ensure that you qualify for these deductions.

For U. S. Residents, your foreign trip will be considered entirely for business if you are outside the U.S. for one week or less, or less than 25% of your time was spent on non business activities. You may also be eligible if you had no substantial control over the trip or you can establish that a vacation was not a major consideration for your trip.

If your foreign travel is entirely for business, all of your transportation, lodging, and meal expenses are deductible. If your primary purpose was business, but your travel was not entirely for business, your travel expenses must normally be allocated according to the number of business days.

For non U. S. Residents, you will need to check with your tax advisor, as permitted expenses may differ from those advised in this article.

Attendance at a convention connected with your business is deductible. However, you may not deduct the cost of attending investment, political, social, or fraternal conventions. Sometimes, you may quality for a deduction for post convention trips that include educational advancement. For U. S. Residents, no deduction is allowed for the expenses of attending conventions outside the North American area, unless the convention was directly related to your business and it was reasonable to meet in a foreign location.

The North American area includes Canada, Mexico, Puerto Rico, U.S. possessions, U.S. Virgin Islands, Guam, Samoa, and Trust Territory of the Pacific Islands. Conventions may also be held in “eligible” Caribbean countries.

Cruise ship expenses directly related to the active conduct of a trade or business are deductible up to $2,000 a year. All the ports of call must be in the United States or its possessions, and the ship must be registered in the United States.

A written statement signed by an officer of the group sponsoring your foreign convention or cruise must be attached to your return. In addition, you must attach your own statement showing the total days spent at the convention, the number of hours each day devoted to business activities, and a copy of the convention program. If at least 6 hours per day are scheduled for business activities and you attend at least two-thirds of the total hours of scheduled activities, each day of the convention or cruise will be considered a business day.

If you take your spouse along on a convention or business trip, his or her travel expenses are non deductible personal expenses, unless (1) your spouse is also a partner in your business or an employee of your or your employer’s company, (2) your spouse’s presence has a bona fide business purpose, and (3) your spouse’s expenses would be otherwise deductible. If your spouse does accompany you for a business purpose, the amount by which your hotel expenses exceed the single rate and the cost of your spouse’s meals are not deductible.

Note: Taxation legislation differs between countries and each country may change their rules at any time. The information provided in these newsletters is accurate at time of publication. You should however seek specific information from your Tax Advisor or Taxation Department as it relates to your own situation each year that you are required to provide Income and Expense Statements.

Why People Invest in Outdoor Bar Furniture

Okay you may be wondering why outdoor bar furniture is becoming extremely popular? It seems that as the economy continues to struggle more and more people are wanting to entertain their guests. In fact research has shown that several people last year stayed at home to spend their family vacation to save money.

The great thing is that if you are a homeowner you can easily turn your back yard into a great social area that your family and friends will love. When you invest in outdoor bar furniture you will notice that people will begin stopping by unexpectedly because your back yard is a great social area.

This is a great idea if you have a porch, deck or even a patio but have not found the right type of garden furniture. It does not matter what type of budget you are on; because you will notice that you can find outdoor
bar furniture to fit almost any need.

While you may not be thinking about entertaining guests and friends right now because the summer is over; the truth is that now is the time to get a jump start on your outdoor furniture. Since most people are thinking about winter decor you will be able to find some of the best deals on your garden furniture during the winter months. So if you kept putting off decorating your back yard and making it into an escape that you will love then you need to check out the great deals now.

Sell a Business Successfully!

The decision to sell a business is a hard one to come to. You have probably invested a lot of time and energy into your business to make it successful but now is the time to move on. Maybe you want to do something different, you are retiring or just see different market trends and now it is time to sell. Maybe you still wrestle with the decision to sell a business and maybe it has become an extension of yourself and your family. Everyone has been involved and the children have earned their first wages there. It truly is like an old friend.

Maybe you have worked so hard, but your business is only marginally successful and you just want to get out. Or you went into the business with a quick, short-term goal intending to sell your business at the first good offer. Whatever the reason you want to sell a business it is a big decision in your life. Once you sell a business, it is gone and no longer there. Once you sign those transfer of ownership papers there is no going back. Make sure you are making the right decision when you sell a business. Price your business at its market value.

Remember all the years of effort you have poured into it and when you sell a business it is the single opportunity you have to get the price right. You deserve the rewards for the years of hard work and sacrifice; and to move on into the future worry free.

Everything will be a lot easier if you hire a commercial broker to help you through what it takes to sell a business successfully. The following are some things you should research before you decide to sell a business:

- Where to start? When is the best time to sell your business? Is it seasonal and may attract more buyers during the busiest time? What do you need to know about the legalities and pitfalls of selling a business? How do you choose the professionals you need to advise and help you sell your business?
- How do you set a Price? How do you know what your business is worth in the marketplace? What can you do to maximize the value of the business before you sell? Is everything in order: the books, the property, future profit and loss projections? Seek professional advice before you sell a business.
- Where are the Buyers? What does a commercial broker do to help you sell a business? How do you want your business marketed? How do you create a memorandum of sale?
- How to Structure the Sale? What are your options? What are the tax implications of each one?
- Now it is Sold? What happens now you have accepted an offer? What are the steps? What is the process for a letter of offer, due diligence and handover?

Your decision is made to sell your business, your research is done, and now you need to find someone to guide you through the process. Do not make spur of the moment decisions. Be careful who you choose when you sell a business. You need confidence in the company or individual broker you choose to guide you through the sale.