Well taxpayers, it seems the theme of tax deductible holiday plans is everywhere I look. I was reading Kiplinger’s June magazine issue and I found results of a survey they had done. The survey showed:
30% of all travelers plan to work remotely during their vacation trip in 2022. The % for GenZers is even higher at 39% and millenials at 37%.
Now if you are an employee and you are planning to work on your vacation time, there is NO tax deduction for you. So please, make sure that your employer compensates you for the time and expense of working remotely.
For business owners and the self employed and gig workers, YES, you can absolutely deduct part of your trip for the time you are working. Do you need to pay for additional internet service? Remote workspace? Keep track of every dollar you spend as well as the time that you spend so that we can review together and see what the best tax strategy for you is here.
However, taxes aside, as a fellow business owner, I implore you to actually take some down time this summer. Turn off your devices and let your brain roam free. I know, I know, its not easy to do but I challenge everyone to try it. Five years ago, I went into the Sequoia mountains in California for a week. We have NO cell phone service and NO internet service. I was a nervous wreck for the first few days and then I relaxed (because I realized there was nothing I could do even if the very very very worst was in fact happening!) and had the very very very best vacation. Now we still do that one week as a family every year and turn off all devices. If my teenager can do it, so can you!
So many benefits come from not working on vacation. True rest. True relaxation but also, my team were in a position where they stepped up. I was not there to ask. Its a great experience for everyone. Who will take the challenge?
Join me on Thursday May 26th at noon EST to talk about Holiday Travel Tax deductions. http://wendybarlin.com