What is Deductible by a Network Marketing Home-Based Business Owner?
When you discuss business out to lunch or dinner with co-workers and friends, your meal is 50 percent tax deductible. For that matter, so are theater and sports event tickets, and other expenses relating to entertainment focused on building relationships with prospects, retail customers and downline or upline distributors. (Remember, by definition, everyone is a potential prospect or customer of your Network Marketing business!) Automobile mileage is deductible between your home-based business office and a meeting where business is discussed, such as the meals mentioned above, or an opportunity meeting — or even a golf outing with friends who are prospects! Travel is deductible — be it to an industrial center or an island resort — if the purpose is to hold an opportunity meeting, to discuss business with other travelers, or to attend a seminar. Your spouse’s travel can even be deductible if their presence is helpful in closing the sale. You can also deduct wages paid to your childre
