When you are a small business owner, there are certain expenses that you likely expect to pay. You will likely need to invest in a reliable Internet connection, for example, and this is an expense that you can write off as part of your operational costs. Similarly, you likely need to have a reliable phone line, proper equipment, business cards, and other such items that are part and parcel with running a business.

One area that some small business owners seem to neglect is networking. Yes, you can attend local networking events that allow you to mingle with other people in the industry. These are certainly useful if you make use of them in the right way, but did you know that some of these can be perfectly legitimate business expenses that you can write off as well? Say, for example, that you have to pay a fee to attend a conference. That fee can be written off as an expense.

Similarly, if in the course of negotiating with a potential client you take him or her out for a casual lunch to discuss the details, that meal is also a perfectly legitimate business expense that can be written off. These may seem like rather small expenses at the time, but every dollar counts and each of these small expenses can add up very quickly. If the purpose of the lunch was primarily for business, it’s a legitimate write-off.

Bear in mind that we are not tax professionals and you should consult with your accountant if you have any questions. That said, make sure you keep all your receipts, document these expenses accordingly, and be armed with the right set of information when you do inquire with your tax professional.