DEFINITION of 'Away From Home'

The IRS criteria used to establish whether or not you are within commuting distance from home. If you work away from home for longer than a normal workday and you require sleep, then the associated costs are tax deductible.

BREAKING DOWN 'Away From Home'

This is used to determine whether you can deduct travel expenses such as food and lodging.

RELATED TERMS
  1. Lodging Expenses

    Costs for an overnight stay, usually in a hotel, that may be ...
  2. Commuting Expenses

    Expenses that are incurred as a result of the taxpayer's regular ...
  3. Interest Deduction

    A deduction for taxpayers who pay certain types of interest. ...
  4. Home Office Expense

    Expenses incurred from the operation of a business or the performance ...
  5. Mortgage Interest Deduction

    A common itemized deduction that allows homeowners to deduct ...
  6. Schedule A

    Schedule A is a U.S. income tax form that is used by taxpayers ...
Related Articles
  1. Taxes

    10 Tax Benefits for the Self-Employed

    Running your own business has both personal and financial perks.
  2. Taxes

    Top Tax Advantages of Buying a Home

    Don't forget these deductions and credits that homeowners can use to reduce their tax bill.
  3. Taxes

    How To Qualify For The Home-Office Tax Deduction

    Homebodies can save big on their tax bill. Learn how to get in on the action.
  4. Taxes

    Top Tax Deductions For Brokers

    If you are paying out of pocket, you can make your business expenses work for you at tax time.
  5. Managing Wealth

    Buying a House Before Selling Your Own: Risks and Considerations

    Learn more about the financial risks and worst case scenarios associated with buying a home before selling your current residence.
  6. Taxes

    The Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  7. Taxes

    5 Expenses You Want to Be Deductible But Aren't

    Here are five expenses that many taxpayers often try to claim only to find out that their deductions are denied.
  8. Taxes

    Do Your Research Before Claiming These Deductions

    Be sure to read the fine print about any deduction or credit that you’re planning to claim.
  9. Taxes

    5 Little-Known Tax Deductions And Credits

    Declaring noncash donations and volunteer work expenditures are just some of the lesser-known ways to reduce your taxes.
  10. Small Business

    7 Things You Need To Know About Working From Home

    Before you work from home you should consider these seven things to make sure it's for you.
RELATED FAQS
  1. What are some commonly missed deductions for business owners?

    If you own a business, you are eligible to deduct certain business-related expenses. These include deductions for the following: ... Read Answer >>
  2. Which is better for tax deductions, itemization or a standard deduction?

    Each deduction that you claim may result in a decrease in the amount of taxes that you owe. However, whether you receive ... Read Answer >>
Hot Definitions
  1. Straddle

    An options strategy in which the investor holds a position in both a call and put with the same strike price and expiration ...
  2. Trickle-Down Theory

    An economic idea which states that decreasing marginal and capital gains tax rates - especially for corporations, investors ...
  3. North American Free Trade Agreement - NAFTA

    A regulation implemented on Jan. 1, 1994, that eventually eliminated tariffs to encourage economic activity between the United ...
  4. Agency Theory

    A supposition that explains the relationship between principals and agents in business. Agency theory is concerned with resolving ...
  5. Treasury Bill - T-Bill

    A short-term debt obligation backed by the U.S. government with a maturity of less than one year. T-bills are sold in denominations ...
  6. Index

    A statistical measure of change in an economy or a securities market. In the case of financial markets, an index is a hypothetical ...
Trading Center