Self-Employed Business Networking Tax Deductions Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Aug 7, 2018 - [Updated Jan 31, 2024] 2 min read Reviewed by Katharina Reekmans, Enrolled Agent Building your own business comes with challenges and perks every step of the way, but along that path, you’re probably going to meet people who can lend a hand or share an important piece of advice. One of the most important parts of being self-employed and starting your own business is building a network of people around you filled with clients, advisers, influencers, and supporters. While meeting new people may seem difficult at first, it can also be extremely rewarding and beneficial for you and your business. You never know when you may need to chat again with the business associates standing next to you at the coffee shop! So, whether you’re on the apps or networking the old-fashioned way, check out these ways you can use networking to your advantage in more ways than one! Networking meetings: Apps are great ways to expand your network and meet potential new clients. As a self-employed business owner, you can also use these tools to look for a mentor, potential colleagues with the skills you need to run your business or other entrepreneurs. When it comes time to file your taxes, you may be able to write off the costs associated with networking for your business, like the costs of your networking apps and networking group fees. Conferences: Attending a conference can help you learn new skills and meet people in your respective industry. While the conference fees may be expensive, you can often write off the cost of admission, as long as it directly relates to your business. The cost of travel to a conference is also generally considered tax deductible as long as it is “ordinary and necessary” and is specifically related to your work. Professional business networks: We all know how important networking is, and sometimes your city may have local community organizations that you and your business can benefit from. Joining a professional network or organization in your community can help grow your business and provide new opportunities that you may not have been able to find otherwise. Remember: membership fees are tax deductible as long as there is a professional purpose for joining. LinkedIn Premium subscription: LinkedIn provides self-employed individuals an opportunity to promote their business and grow their brand, as well as continue to build their online network with like-minded professionals. The subscription-based Premium service can be written off as a business expense if you are using it for your business or professional purposes. While you’re buzzing around and building your networks, be sure to keep track of your expenses so you can report them when it’s time to file. As always, you can use QuickBooks Self-Employed to easily track your business income, expenses, and mileage year-round. Your information can then be transferred to your TurboTax Self-Employed tax return at tax time. Previous Post Social Media Influencers: A Guide to Your Tax Return (and… Next Post Student Loan Options When You’re Self-Employed Written by TurboTaxBlogTeam More from TurboTaxBlogTeam One response to “Business Networking Tax Deductions” I stayed working from home in 2018. What can I deduct? Reply Leave a ReplyCancel reply Browse Related Articles Tax Deductions and Credits What Are the Standard Mileage Rates? Self-Employed How To Manage Your Self-Employment Deductions Year Roun… Self-Employed Self-Employed Tax Deductions Calculator 2023-2024 Self-Employed How Much are Medicare Deductions for the Self-Employed? Tax Deductions and Credits The IRS Announces 2017 Standard Mileage Rates Self-Employed 6 Tips to Help Side Hustlers and Self-Employed Bosses S… Self-Employed 7 Tax Deductions for Wedding Planners Self-Employed Snap A Pic of These Tax Deductions Photographers Can Ta… Tax Deductions and Credits Unknown Tax Deductions for Bloggers Self-Employed Are Work Clothes Tax Deductible for Self Employed?