Guide for CEOs planning a vacation: Know what expenses you can write off | The Financial Express

Guide for CEOs planning a vacation: Know what expenses you can write off

Here are a few examples of expenses that a CEO can easily write off while travelling for fun.

Guide for CEOs planning a vacation: Know what expenses you can write off
Planning your year-end trip? Know about the expenses you can write off

Are you planning a trip with your friends or family around New Year? Even if you plan the budget, there are expenses that you might not be able to anticipate. Here are a few examples of expenses that a CEO can easily write off while travelling for fun.

Coffee shops and coworking spaces

Ever since the pandemic, only a few CEOs are able to travel without taking work with them. Even if you plan to stay away from work, there are times when you end up working more than usual, even on the vacation. This might force you to spend hours in coffee shops or find coworking spaces. The money that you pay at a coworking space can be included as tax write-offs. You should expense them to your business account as well.

Data plans

Similarly, you can also write off what you spend on roaming and any data plans you are using. As a CEO who needs to be connected with his team all the time, you’re probably going to spend more. You might spend money on an unlimited data plan.

Also read: Best luxury destinations every CEO should visit before the year ends

Protecting your valuables

Usually, CEOs and corporate employees have important documents and business equipment at home. However, when you travel, you leave these valuables at home unattended. You would never want your confidential papers or data to be stolen.

Protecting such things while travelling can cost money. Getting extra security while you are away or hiring a house sitter can be the options and you can write them off as being business expenses.

Flight changes

Planning a trip without issues is a rarity – There’s a chance you will have to come home to tend to an issue at work. If that happens, you’ll have to book your tickets again for a new date and this will incur extra expenses. If you plan on coming back as soon as the work is done, you will have to book an extra return flight. You can write these off as business expenses. Take advantage of write-offs when they are available and can be justified. Happy travelling!!!

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First published on: 05-12-2022 at 10:00 IST