Business Networking Tax Deductions

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 both you and your business. These connections can offer valuable advice and support you when you need it, which in turn helps your business thrive. 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 swiping right 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 or potential colleagues with the skills you need to run your business. You can even meet other entrepreneurs in your field with whom you would be beneficially networking.

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.

However you choose to build your networks, be sure to keep track of your expenses so you can deduct them when it’s time to file your taxes. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.