DEFINITION of Convention Expenses
Convention expenses are any travel expenses incurred while at a business convention. These expenses are tax-deductible if they are business or work-related.
BREAKING DOWN Convention Expenses
Travel expenses may include food, lodgings, convention materials, gas, car rentals and more. Most companies require their employees to keep a log of their purchases and provide the company with receipts for anything they want a reimbursement for. This is similar to the requirements of any kind of travel on behalf of the company be it a convention, a corporate retreat, or a meeting. It is important to note that the convention must be held in the same year as per the deduction, and the expenses must be paid in the same year.
Freelancers or consultants are able to deduct convention expenses, but it is important to note that one of the rules for deductions are that the convention must be held by a professional or business organization. It is wise to use a business credit card for all expenses in order to keep all track of expenses and provide the company with itemized lists of expenditures.