How do you plan a business trip? Chris Virgin

How do you plan a business trip?

Chris Virgin

For Business Owners, a business trip are often a valuable tool and writedown. Typically, however, the business owner gets to tax time and finds out there's giant liabilities due.

Then the wheels start turning. "What other deductions have Chris Virgin missed? Oh yes, the family vacation!" Thoughts address the family vacation and the way it may well be construed to be a business trip. The reality is that unless you conducted business, after the very fact is simply too late.

If you drive your vehicle, it doesn't cost any further in gas to require along with the spouse and youngsters so all the gas is deductible. But if you stop to eat, only the persons involved within the business a part of the trip can deduct the meal.

Here are some things that you just should do when planning and taking a business trip.

1. Plan ahead. Make an idea of where you're going and what business you'll conduct. There are many sources (especially on the internet) that may provide you with information about the companies and events within the area you intend to travel to.

2. Business Purpose. Have a particular purpose for the trip. It can include such things as visiting other businesses like yours to determine how they operate, making customer or vendor contacts, searching for opportunities for expansion, etc.

3. Keep receipts. The key to taking deductions is having the ability to prove you had expenses. Receipts include the particular sales receipt, checks, MasterCard statements and bank statements.

4. Enlist relations. looking at the kind of business you're involved in, there are times when your family can help gather information and provides a distinct perspective to the data you gather and places you research.

5. Log where you go. Keep a record of the places you go that are business-related.

A notebook or day planner can work. Also, an envelope with the go surfing the front and receipts and data from the places you go inside is handy.

6. Log who you discuss with. Keep a record of who you meet and what you discuss. Again, a notebook, day planner or envelope is useful.

7. Log what you research. Keep a record of the data you gather.

Chris Virgin wants to share his success as a business owner with others who desire to have their own business. He also believes that the economy is stronger with more business owners, and as a result, he's focused on helping business owners succeed.

Thank you