ASK MICKEY, CPA
QUESTION: Can I deduct any of my family vacation?
ANSWER: Arizona Senator, Martha McSally, is hoping to jump start the tourism industry for the year 2020. The proposal is a “Vacation Tax Credit” and encourages Americans to travel within the United States.
The proposed bill is called the American TRIP Act. The acronym TRIP stands for “Tax Rebate and Incentive Program.” The bill, if passed would grant vacation tax credits up to $4,000 per American adult, or $8,000 per married couple. With, an additional $500 for each dependent child.
The tax credit could be applied to travel expenses like as transportation, lodging, food/ beverage and entertainment. Expenses must occur between December 31, 2019, and January 1, 2022. You would be required to travel at least 50 miles from your primary residence and stay within the United States. And, its territories to qualify.
Stay tuned on what kind of tourism-related tax credit, if any, gets approved by Congress. So far both ideas are still in the infant stages of being considered. Exciting to see what happens as these proposed ideas could help our economy, as well!
http://www.onealcpa info@onealcpa.net Contact
#cpa#tax#travel#economy#tourism#vacationtax#cpafirm#taxes#taxfacts#taxpreparation#taxprepayer
