THE MONEYPAPER
555 Theodore Fremd Ave., Ste. B-103, Rye, NY 10580.
Monthly, 1 year, $99.

       Vita Nelson: "Vacations and restaurant meals can be more enjoyable if they're deductible, in whole or in part. Business owners, self-employed individuals, and anyone running a sideline business may be able to maximize write-offs while combining pleasure with the pursuit of profits.
       Suppose, for example, that you take a five-day business trip. After you've completed your appointments, you spend three more days at the same hotel. Because you devoted more time to business than to pleasure, your airfare will be deductible, along with most of your hotel bill.
       You must be able to prove that the first five days really were spent on business. Your best strategy is to begin to build a case before you leave for the airport.
       Say you intend to spend a week in New Orleans. Before you go, compile a list of clients, prospects, suppliers, and other business contacts in the area. Call them to arrange appointments in advance; confirm those appointments by fax, letter, or e-mail; keep copies of all the paperwork and keep the appointments.
       Maintain a log while you're on the road and note actual results (new sales, for example) of the trip. Not only will this be a benefit if you are called upon to justify those expenses, but it's also a good idea for business reasons.
       What travel and entertainment (T&E) expenses can you legitimately deduct? In addition to transportation (including car rentals) and hotel bills, meals you eat while away from home on business are 50% deductible, even if those meals are eaten in a five-star restaurant in the French Quarter.
       Real estate investors may qualify for tax breaks, too. Suppose, for example, you own investment property in Florida, Colorado, or some other desirable part of the world. You may be able to write off travel costs to examine your investment.
       To do so, call your local property manager to arrange an appointment before you take the trip. Create a paper trail with (e) mail or fax, confirming a specific time for an on-site inspection. Afterwards, follow-up with another fax or letter to summarize the results of your visit. The more businesslike you are, the greater are your changes of sustaining your deductions.
       No matter what form your T&E deductions take, you should keep separate credit cards: one for business-related expenses and one that's personal. Thus, if your T&E expenses are ever questioned, you can show that you also had non-deductible personal expenses. You shouldn't try to write off every restaurant meal you eat and every trip you take pigs get slaughtered."