In the legal profession, lawyers sometimes try a little too hard at the networking thing – and lawyer or not, you know exactly what I’m talking about. It’s the whole standing around in suits thing, trying to pretend you’re comfortable, all the while looking for someone better to talk to. Why bother?
When it comes to promoting your business, why be penned in to someone else’s vision of what networking is supposed to be? Why honor milestones doing something that you don’t particularly like to begin with? Why try wooing clients by attending or hosting an event that doesn’t even represent you?
Nobody – not even Uncle Sam – says that promoting your business has to be boring. Stepping outside of the box doesn’t mean that you can’t take the deductibility with you. Consider planning your next promotional or networking event to look more like you, not every other business event, and take the tax benefits with you!
So how does deducting promotional and networking expenses work?
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I think one of the most frustrating parts of tax time is getting everything together.
Back in the day, when I actually prepared tax returns for clients (I don’t have time anymore), I was amazed at the various styles of “organization” utilized by my clients. There were the über-organized with print outs and annotations; the semi-organized with check ledgers and piles of receipts and the “I’m not sure what I need” variety which showed up at my office with suitcases, tupperware containers and bags full of mail and receipts.
It’s tough to know what to save and what to let go. You can find some general tips for retention of records here.
But let me be clear: I am in no way dissing the suitcase organizational style. I say, if it works for you, do it. It’s better to have a Samsonite full of records than nothing at all. So use what works.
If you’re just tossing things in a pile because you don’t know what to do with them, take heart. There are some strategies for getting organized that can work for you. Jennifer, over at My Organized Biz, will virtually makeover your home or business office – just send her a photo of your current desk/office and she’ll do the rest. And she’ll play nice. Not convinced? Check out today’s makeover.
