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it’s crucial that you have an agenda and do actual work while youre there, Bennett explained.
Always have a laptop by the pool, take notes, record meetings and document minutes.
That way, youre setting strategic plans for the next 12 months while also enjoying the trip.
One caveat: Dont attempt to do this if attending a personal event, like awedding or reunion.
The primary purpose always had to be business.
If used exclusively for business purposes like aphotoshoot or stage performance it may qualify as a deduction.
I had an entertainer who deducted all their stage jewelry and clothing, said Adams.
The key is that the items must be exclusively for business use.
A luxury handbag used in a fashion shoot for a magazine, for example, could be justified.
I have clients who attend business conferences in places like Hawaii, London and Orlando, Adams said.
As long as the conference is legitimate and theyre participating, theflights, hotel and mealscan be written off.
If youre recruiting high-end clients, a luxury event can make sense, Adams explained.
The IRS tends to scrutinize these, so you need clear documentation showing its business purpose.
Bennett advised clients to get an engineer to perform a cost segregation study and provide a depreciation schedule.
This allows property owners who rent their space using Airbnb to frontload depreciation on their tax forms.
While luxury tax deductions exist, they must be justified with aclear business purpose.
If its personal, it wont fly.
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