Posts Tagged ‘medical conference writeoff’

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.