| If you are a business executive, then you know that it | | | | business-related travel expenses accrued from the |
| is imperative to keep accurate records of all your | | | | use of air charters can be a valuable source of tax |
| business transactions for tax purposes. If you are one | | | | deductions for your corporation. When you take a trip |
| of the many busy business executives that use air | | | | to a foreign country solely for the purpose of |
| charters to fulfill part of your business transportation | | | | conducting business, then you are allowed to take a |
| needs, then you might be sitting on top of a plethora of | | | | tax deduction for all of your travel costs, which |
| transportation deductions for your business. | | | | includes the airfare and other transportation costs as |
| The best way to determine if you can take this type | | | | well as hotels, and you can also deduct half the cost |
| of deduction is to arrange all of your receipts for | | | | of your meals. During times of escalating business |
| business travel that you have accumulated over the | | | | costs, this deduction can make charter flights pay for |
| past year. Divide them into two piles--the receipts that | | | | themselves, saving your corporation much in cash |
| correspond to business travel, and then another pile for | | | | outlay. |
| trips that were taken for personal, non-business related | | | | It is possible for a portion of your air charters' fees to |
| travel. The charter flights for personal trips would not | | | | be deductible if you combine a business trip with a |
| be eligible for a business tax deduction because they | | | | pleasure trip. If you spend several days in a foreign |
| are not business related. But be sure to take a look at | | | | country, and seven days were spent entirely on |
| them at this time. This will give you an opportunity to | | | | business, while a few more were spent on personal |
| plan ahead for next year. Will any of these types of | | | | travel, then you can deduct meals, lodging expenses |
| flights be recurring from year to year? Is there some | | | | and some incidental expenses for the days spent on |
| way that any of those trips could include a business | | | | business, in addition to being able to deduct all travel |
| purpose? If so, then you may be able to use them | | | | expenses. You can also spend some of the time for |
| next year as a business tax write-off if you can make | | | | personal pursuits, but the time can equal no more than |
| sure that those trips were taken for a reason related | | | | 25% of the total time spent on the entire trip. So save |
| to your business. | | | | some money and plan ahead the next time you use |
| The other stack of receipts that account for your | | | | charter flights. |