Final answer:
'Away from tax home' overnight on business refers to spending the night away from the usual place of business for work-related purposes, and it can have tax implications. Expenses incurred during these overnight stays may be deductible as business expenses.
Step-by-step explanation:
'Away from tax home' overnight on business refers to the situation where a person or company spends the night away from their usual place of business for business-related purposes. This can include traveling to a different city or country for meetings, conferences, or other work-related activities. In terms of taxes, expenses incurred during these overnight stays away from the tax home may be deductible as business expenses.'
For example, let's say a salesperson lives in one city but travels to another city to meet with clients for a few days. While they are away from their tax home, they can potentially deduct expenses such as hotel stays, meals, and transportation as business expenses on their tax return.'