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Business travel can certainly reduce your taxable income each year, but it’s slightly more complex than most people think. 

Using round numbers, here’s the simplest example you’ll find on the internet:

Your Hypothetical Scenario:

You are a self-employed consultant in the digital marketing field with an annual income of $100,000. Your tax rate is 25%, and you've spent $10,000 in legal, deductible business travel expenses this year.

Without Business Travel Deductions:

If you don't include this business travel as an annual expense, your taxable income remains at $100,000. As a result, you would owe 25% of $100,000, which equals $25,000 in income tax.

With Business Travel Deductions:

Now, when you incorporate your $10,000 in deductible business travel expenses into your annual deductions, your taxable income is reduced. Your taxable income becomes $100,000 - $10,000 = $90,000.

Consequently, you owe 25% of $90,000, which equals $22,500 in income tax.

Savings:

By including $10,000 in business travel expenses as part of your annual deductions, you have effectively lowered your taxable income. In this scenario, you save $25,000 - $22,500 = $2,500 on your income tax. This $2,500 signifies money that you retain rather than paying it to the IRS.

Always Talk to a Tax Professional

As always, tax planning should be tailored to your specific financial situation and should involve consultation with a tax professional to ensure compliance with tax laws and maximize potential deductions.

At Tripally, our specialty is giving self-employed people, entrepreneurs, and solopreneurs opportunities to travel for business. You may be one handshake away from achieving your business dreams.

So whether you’re looking for mentorship, consultation, networking opportunities, or any other business use case you can think of, you can use Tripally to find those people across the United States. Also, you can BE one of those professionals by hosting meetings and making yourself a magnet for networking in your hometown. 

Join the waitlist today! We'd love to have you in our family.