Many companies understand the cost-effectiveness of utilizing corporate housing solutions for their employees on assignment. Sometimes the tax benefits this option provides may be overlooked or underutilized. Working directly with a knowledgeable company for your corporate rentals makes bookkeeping much simpler.
Reap the benefits of happy employees and an even more pleased accounting department when working with the Corporate Housing Experts team. We understand that your company needs to save money and take advantage of any tax write-offs possible. That is why we make the leasing process easy and the paperwork simpler. We often hear, “You always make finding housing for my employees easy on me!” Why not find out for yourself?
What is Considered Tax Deductible?
We encourage you to speak with your accountant or accounting department about the specifics of claiming the tax benefits of corporate rentals. Before you can write-off the expense for temporary employee housing on your business taxes, you have to make sure it qualifies. Here is some general information to aid you:
- Distance is Key: Any housing you find for your team must be outside your employee’s ‘tax home.’ If they live in Jackson, Mississippi, for example, you cannot put them up in a furnished apartment in the same city.
- Vacations Do Not Count: Corporate housing must be for business-related purposes, and it must be located near the business location where the work is to be performed. You cannot house your team during their vacation. Corporate Housing Experts has many communities within easy distance of virtually any location your team would work.
- Time Does Matter: Short-term rentals are generally at least one month long. For tax purposes, their stay must be less than one year. That is, you cannot send your employee to a location for a 5-year contract and claim it as being “temporary”.
What Type of Business Expenses Are Deductible?
In general, when you pay towards expenses that are necessary to doing business on behalf of your employee, they are probably tax-deductible. Also remember that you may deduct your own business travel expenses as a sole proprietor. Some possibilities to consider:
- Cost of living expenses can include your housing and utilities
- Transportation costs for getting you and an employee to and from work sites
- The portions of meals while working on the road
For a more complete listing of items you may be able to deduct, ask your accountant and check out the IRS.gov website.
Enjoy All the Benefits of Corporate Rentals from Corporate Housing Experts
Make your job easier. Choose Corporate Housing Experts as your go-to corporate rentals company. We work diligently to ensure your team is taken care of while on assignment. Our communities offer many amenities that make their home-away-from-home a haven, including high-speed Wi-Fi, workout areas, and furniture rental packages. Additionally, our system is simple, and we keep the paperwork streamlined. You can rest easier when you work with us.
We are confident that you and your team will love our communities. We also believe that you deserve some recognition when you spread a good word about our company to your friends and colleagues exploring corporate housing companies. That’s why we offer our Buddy Bucks program to earn some money back on referrals. Check it out today.
Call 800-990-7368 to connect with our friendly and knowledgeable team, or contact us online to ask about corporate rentals across Mississippi.