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Yes, you may be able to deduct the taxes on your frequent flyer miles used for business travel as a business expense. However, you must keep accurate records and be able to prove that the travel was necessary for your job or business.
No, the taxes on frequent flyer miles used for personal travel are not deductible. Only business-related travel expenses can be deducted.
No, you do not need to report the value of the frequent flyer miles you used on your taxes. The IRS considers frequent flyer miles to be a rebate or discount, rather than income.
Yes, as a self-employed individual, you can deduct the taxes on your frequent flyer miles used for business travel as a business expense. Make sure to keep accurate records of your business travel expenses.
Yes, there is a limit on the amount of taxes you can deduct on your frequent flyer miles. The limit is based on the standard per diem rates for meals and lodging for the location of your business travel.