I bought tickets in late Dec 2006 for a business trip in early 2007. Are the tickets a deduction for 2006 when I paid for them, or in 2007 when the actual business travel took place.
2007-02-23 07:55:46 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Individual taxpayers work on a cash basis. This means that expenses are deductible when you pay the cash for them. Deduct in 2006.
2007-02-23 08:05:17 · answer #1 · answered by itaf3can 2 · 0⤊ 0⤋
IF you didn't receive any reimbursement for them, and didn't get a refund for any reason, you would deduct the expense in the year paid.
You need to know that if someone traveled with you who was not a business associate, that person's air fare isn't a tax deduction. Also, if the trip wasn't solely for business, there may be other limitations on the amount of business expense you may claim.
2007-02-23 08:48:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In the year the expense was incurred.
However, if you receive a refund of the tickets in a later year, you are required to file an adjustment to the prior year's return.
2007-02-23 08:04:33 · answer #3 · answered by Jay 7 · 0⤊ 0⤋
won't be able to see why no longer. there are a range of deductibles for a small busines, yet be careful about the homestead workplace deduction. I.R.S. continually seems for returns with a component of the homestead deducted for corporation use. wish you luck consisting of your new corporation. undergo in options, Michael Dell began his corporation in his storage.
2016-10-17 08:44:08 · answer #4 · answered by konen 4 · 0⤊ 0⤋
You deduct them when you pay for them. The other expenses would be deducted when you travel, of course.
2007-02-23 10:05:50 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
they are deductible when you bought and paid for them in 2006...
2007-02-23 08:03:09 · answer #6 · answered by Dawn D 1 · 0⤊ 0⤋
When you bought them as it is on the receipt.
2007-02-23 08:09:21 · answer #7 · answered by newyorktilson 3 · 0⤊ 0⤋