Concerns for Business Owners

Deducting Travel Expenses When You Use Public Transit

If you use your personal vehicle for business purposes – except for commuting! – you may qualify to deduct the mileage that you travel. But what happens if you take public transit to meet clients or attend business functions? If you are self-employed, that cost is also a business deduction.

(Note that I will be discussing travel within your hometown – i.e., those who live in larger cities and regularly use public transit to get around. If you are in a different city for business and use their public transit system, that would also be a deduction. However, the options below – getting a separate transit card or managing your travel online – may not apply. Just be sure to keep all receipts and document your business travel as always!)

Trips on public transit are easily overlooked by entrepreneurs – but it adds up! The key to deducting trips by public transit is documentation. Often, if a transit system uses a refillable card system, people maintain only one. While this makes sense in saving space in your wallet, this can lead to a messy co-mingling of business and personal expenses.

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Coworking Memberships and Home Offices

Occasionally, I’m interviewed for articles elsewhere. Recently, I spoke to the good people at Deskpass about the tax implications of where you work. In this interview, we discuss:

  • Deduction coworking memberships and related costs,
  • Deducting transportation costs to and from the coworking space, and
  • The impacts on a home office, if you have one of those as well.

Read the full interview here.