Are business networking apps tax deductible | FlyFin

Making your name as a self-employed individual comes with several challenges, one of which includes building a network of people around you. While meeting new people can be difficult, it can be extremely beneficial to your business.

Whether you decide to build your network through a digital platform or by going to in-person meetings, check out the following article to learn how to expand your network.

Video conferencing

Video conferencing software is essential in today’s work environment, and they have gained even more prominence ever since the onset of the pandemic. It is important to know that you may be able to write off the costs of your video conferencing software. Most of the popular video conferencing applications are available for free but have paid versions with expanded features.

As an entrepreneur, you can use these tools to run your business. The best part is that when it comes to filing your taxes, you may be able to write off the costs.

Business collaboration tools

Google Workspace formerly known as G Suite serves as a brand of cloud computing, productivity, collaboration tools, software, and products developed by Google. It is one of the fastest-growing messaging and collaboration tools available.

It is comprised of Gmail, Hangouts, Google+, Google Calendar, Google Drive, Google Docs, Google Sheets, Google Slides, Google Forms, and Google Slides. Google Workspace also includes an Admin panel and Vault for managing users and services.

If you're a Cloud Billing customer in the United States and wish to claim a business deduction from your Google Cloud services, you'll need to provide Google's Tax Identification Number (TIN) when filing your taxes.

Attending conferences

Attending a virtual conference can help you build new skills and meet like-minded people in your respective industry. However, conference fees can be expensive. Luckily, you can often write off the cost of admission, as long as it is directly related to your business.

Recruitment services

Another major challenge in handling a small business is hiring eligible employees who fit into the criteria. Hiring a recruitment service can be a huge help to scaling your business, and the cost of those services is tax-deductible.

• LinkedIn provides self-employed individuals an opportunity to promote their business, grow their brand and build their online network with other professionals. Its Premium subscription service can be written off as a business expense if you are using it for your business or professional purposes.
• Indeed is generally free, however, to reach more talent, you can set a daily budget to promote your jobs as sponsored listings. Here, you pay only if someone clicks on your sponsored jobs, up to the amount you set for your budget.
• With Glassdoor, you can post job openings as an employer by subscribing to the Standard or the Pro packages. There are further discounts if you sign up for an annual subscription.

All of these paid subscription-based services can be written off as a business expense.

Social media

Instagram and Facebook are no longer just social media platforms but also serve as a medium to expand your business network. Both platforms don’t charge any joining fee, but to gain traction for your business, advertising your product or service is likely necessary.

Bottom line

While you’re buzzing around and working on expanding your network, make sure to keep track of your expenses so you can report them when it’s time to file taxes. You can do so by using FlyFin, which makes it easy for you to track your business expenses and provides you with tax analysis. If you aren’t sure about what you can claim, you can seek assistance from the CPAs at FlyFin to get your tax questions answered from the comfort of your home.