What is deductible by a home-based business owner?
1. When you discuss business with co-workers and friends at lunch or dinner, your meal is 50 percent tax deductible. For that matter, so are other expenses relating to entertainment focused on building relationships with future business partners, and downline or upline friends. Theater and sports event tickets are 50 percent tax deductible, too. 2. Money from Your Car 3. Automobile mileage is deductible between your home-based business office and a meeting where business is discussed. That includes the meals mentioned above, or an opportunity meeting – or even a golf outing with friends who you discuss the business with. 4. Travel is deductible, whether it’s 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. Travel is deductible for a wife or husband whose presence is helpful in showing the plan. 5. You can also deduct wages paid to your children for help in the business, and i
