Fun Money

Thinking about attending a business convention and perhapstaking a personal vacation afterward? It is possible to do this anddeduct the cost of travel to a trade show or convention if youfollow certain tax rules. First of all, the expenses cannot be onesthat will be reimbursed by the company. In addition, the conventionmust be directly related to your trade or business.

Another deduction to look into involves meetings on a cruiseship. You can deduct up to $2,000 annually of the expenses incurredwhile attending a business seminar or convention held on a cruiseship. "You can get a deduction for this as long as the cruiseis held on a U.S. ship, all ports of call are located in the U.S.or a U.S. possession, and you report the details regarding thecruise on your tax return," says Bernie Kent, a partner withaccounting and professional services firm PricewaterhouseCoopers HRServices in Detroit. For example, the IRS wants a writtenstatement signed by you giving the total number of days you spenton the trip and the number of hours each day you attended scheduledbusiness activities. You have to include a written program of thebusiness activities. You must also attach a written statementsigned by an officer of the organization or the group sponsoringthe convention that includes a daily schedule of businessactivities and the number of hours you attended the businessactivities.