WOW Conference & Your Money

Wound Care Conference Las VegasThe Lowdown on Tax Deductions and Travel Expenses

One of the most frequently asked questions we get regarding the annual Wild on Wounds (WOW) Conference is, “Can I deduct travel and lodging expenses on my taxes?” The answer is an enthusiastic yes!

As you pack your bags and prepare to head to Las Vegas, Aug 31 – Sept 3, for WOW 2016 – one of the most exciting wound care conferences ever – you can rest assured that as long as your travel is purely related to your practice, you can write off your expenses. Here are the basic guidelines for doing so:

It Must Be Mostly Business

You can write off your travel expenses if attending the WOW Conference benefits your business or contributes to your continuing education. But if you are attending this or any other conference for reasons other than business (like political, financial or social), deductions don’t count. According to Internal Revenue Service (IRS) guidelines, you can’t be gone for more than a week, and at least 75% of your trip needs to be devoted to continued education or business matters.

But Have Some Fun

The IRS is perfectly aware that business travelers like to have fun. Conference attendees commonly extend their education and business trips in order to see the sights or tour local attractions. If you plan to do so, have fun! But you can’t claim your personal expenses as part of your education and business write-offs. So go ahead … enjoy all the extra sites of Vegas, but don’t include those costs in the education and business portion of your expenses.

What About the Extras?

Obviously you’ll be wanting to get some sleep at WOW (after experiencing exciting and jam-packed days filled with amazing sessions). The good news is that those nights in the hotel can be written off, along with your meals – as long as they’re not over-the-top or lavish. And as a side note, if you travel with an associate or employee and pay for their expenses, you can write-off travel costs for them, too. However, you are not allowed to write off expenses for family members.

Keep Good Records

In order to comply with the IRS, keep detailed records of expenditures and accurately calculate deductions. If you are an employee of a company, you can deduct your conference costs that are not reimbursed. Employee spending is considered a “Miscellaneous 2% Expense.”

The Bottom Line

When it comes to tax deductions and travel expenses, it can get a little confusing. We totally understand, which is why we’re not in the tax business! Which means that you’ll need to get help with your conference tax-deductions from a qualified accountant, or visit these IRS website links:

http://www.irs.gov/taxtopics/tc511.html

http://www.irs.gov/publications/p970/ch06.html

http://www.irs.gov/taxtopics/tc513.html

Another Bonus

Don’t forget that you can earn up to 21 Contact Hours (up to 18 contact hours from the main conference, and 3 contact hours pre-conference) by attending WOW.  Find more details here.

Still haven’t registered? There’s still time. Check out the details here.

What do you think?

comments

Tags: , , , , ,

Comments are closed.