Are you planning your summer vacation? What can you afford? Is it tax deductible?

May 11, 2023

I am planning our summer vacation. Have you planned yours? Do you know what you can afford?

For many years, we planned a vacation, paid all the expenses on a credit card and then spent months paying off those expenses. We enjoyed our vacations but there was always an element of stress around the dollars and paying off the debt months after the vacation. Bring in Profit First!  This cash management system changed everything. NOW, we set aside cash all year long for vacations. Then we look at how much money we have, how many credit card miles we have and THEN we plan our vacation so that it is all paid for. No more debt. We enjoy our vacations SO MUCH more now that we know what we can afford.

I have clients who have implemented Profit First and Never Budget Again and even a 2 day staycation cane feel like a month in Paris when you prepay and don’t have any stress about how much you can afford.

This year we are going to NYC. Its my sons wish for his birthday AND its the home to many of my colleagues and clients so I see some marvelous opportunities for tax deductions. Are you able to blend tax deductions and summer vacation this year? Remember, your trip does need a solid business purpose AND you need to keep all your receipts.

If you have questions or concerns, please reach out to me and let’s discuss how we can find tax deductions in your summer travel plans. It is also not too late to implement Profit First and Never Budget Again for 2023.

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