Posts Tagged ‘Wound Care Conference 2015’

WOW Conference & Your Money

Friday, August 14th, 2015

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.

Let’s Go to Conference!

Tuesday, July 7th, 2015

Travel Expenses, Tax Deductions and the WOW Conference

Wound Care Conference 2015So you’re dying to go to Conference, right? You can’t wait to hang out with your wound-care tribe, learn from exciting speakers and hands-on demonstrations, while having a little fun in the process at the Wild on Wounds (WOW) Conference, Sept. 2-5. But what about those travel and lodging expenses – are they tax deductible?

In a word, YES! Isn’t that the best news ever? In fact, if you are traveling to a conference that is purely related to your practice, you may be able to write off your expenses. Here are the basics:

The Conference Matters

If attending the WOW Conference benefits your business or contributes to your continuing education, then you can write off your travel expenses. However, deductions don’t count if you are attending for other reasons, like social, financial or political. 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 the other 25%? Go have fun.

Separate Business Expenses from Pleasure

Lots of travelers extend their education and business trips to see the sights or tour local attractions, and the IRS knows that. It’s perfectly fine to tack on a day or two at the WOW Conference, but you can’t claim your personal expenses as part of your education and business write-offs. So if you go see the Hoover Dam? Great, but don’t include it in the education and business portion of your expenses.

Track Additional Expenses

So when you go to WOW, at some point (we hope) you’ll want to get some sleep, which means that you can write off your hotel as well as your travel expenses. This includes meals (as long as they’re not “lavish,” so no caviar). You can also deduct 50% of all those other things that you pay for, like tips, taxis, dry-cleaning, printing or faxing. Save your receipts. And if you travel with an associate or employee and pay for their expenses, you can also write-off travel costs for them, too. But no writing off expenses for family members.

Making the Claim and Getting Credit

Here’s the crucial part: you’ll need to keep detailed records of expenditures and accurately calculate deductions. If you are an employee of a company, then you can deduct your conference costs that were not reimbursed. Employee spending is considered a “Miscellaneous 2% Expense.” (is this name correct misc 2% expense?…..or miscellaneous and it would be categorized as an expense?)

Clear as mud? We know how you feel. And because we’re certainly not in the tax business, you’ll need to make sure you get help with your conference tax-deductions from an 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

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