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Power of Deduction

Get your expenses in order.

By Christopher Elliott

Opinions expressed by Entrepreneur contributors are their own.

Now's the time to squeeze every possible tax deduction outof your travel expenses. Tax expert Robert Wilensky says paperworkis the key. "Keep records of all business travelexpenses-written notes on receipts, any kind of log, appointmentbook or other record," says the Atlanta accountant. Othersuggestions:

  • Leave no stone unturned.Some business travel expenses, such as transportation, car or cabfares, and meals and entertainment (limited to 50 percent), areobvious. But don't forget smaller outlays like baggage,shipping for samples or display materials, laundry, phone calls andtips.
  • Mix business and pleasure.If your trip is primarily personal, you can't deducttransportation costs. But you can deduct business lunchesand business equipment you buy as well as lodging for the nightsfollowing days during which you do a significant amount ofbusiness.

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