Traveling for Business? Save Money with this Tax-Saving Strategy.
Imagine this:
- Tax deduction for you
- Tax-free income for Mom and Dad
It doesn’t have to be Mom and Dad, and the tax-free income can go to your brother or sister or your best friend.
You need to have a business reason to travel and stay overnight at the Mom and Dad Hotel to make this work.
Say you travel to a convention, rent your parents’ guest room for five days, and pay them $1,000 fair rent. You deduct the $1,000 as a business travel expense. Your parents have $1,000 of tax-free income.
Sound good? Great— Now you know where to stay on a Business Vacation.
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