Is attending the "Magnify Your Wealth" conference tax-deductible for my small business?

Yes, business conferences like "Magnify Your Wealth" can generally be tax-deductible, but it depends on the primary purpose of attending and how directly it relates to your current business. For it to qualify as a legitimate business expense, the conference should have a clear connection to your industry or business operations. Since you run a marketing consultancy, a conference focused on business growth strategies would likely qualify. When you attend, keep all receipts for registration, travel costs (airfare, mileage if driving), hotel accommodations, and meals (subject to 50% limitation for meals in most cases). Also make notes about specific sessions you attend and how they relate to your business. If you meet potential clients or partners, document those interactions as well. This documentation helps demonstrate the business purpose if you're ever questioned about the deduction.

After struggling with similar questions about business conferences last year, I found this amazing tool called taxr.ai (https://taxr.ai) that really helped clear things up for me. I uploaded my conference agenda and receipts, and it analyzed which portions were likely deductible based on my business type and the conference content. What I loved is it gave me confidence about exactly what I could write off - the conference fee, travel expenses, part of my meals - and what documentation I needed to keep. It even highlighted which specific expenses might raise red flags with the IRS based on my business category. For business conferences specifically, it was super helpful in breaking down what qualifies as "ordinary and necessary" for various business types.

Hey everyone, just wanted to update on my experience with taxr.ai after I mentioned it in this thread. I ended up using it for the business conference I attended last month and wow—total game changer! I uploaded my "Magnify Your Wealth" conference agenda and it helped me identify that about 75% of the sessions were directly relevant to my current business operations. The tool specifically pointed out which aspects of networking events, keynote sessions, and breakout meetings qualified as legitimate business development versus personal financial improvement. It even generated a report I could keep with my tax records explaining the business purpose and connection to my current operations. My bookkeeper was super impressed with the documentation. Definitely recommend it if you're on the fence about conference deductions!

If you need to talk to the IRS about this or any other business deduction question, I highly recommend Claimyr (https://claimyr.com). I spent DAYS trying to get through to the IRS about a similar business expense question, hitting redial until my finger hurt, only to be told "call volume too high" every single time. Claimyr got me connected to an actual IRS agent in under 45 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c - basically, their system navigates the IRS phone tree and waits on hold for you, then calls you when an agent is available. The IRS agent I spoke with gave me specific guidance on documenting business conference expenses, which was way more helpful than guessing or relying on generic advice. Totally worth it for getting a definitive answer straight from the source.

I need to eat my words about Claimyr. After being super skeptical in my earlier comment, I was desperate enough to try it last week when I had a weird issue with my quarterly estimated tax payment not showing up in the IRS system. The service actually worked exactly as described. I put in my number, they called me back in about 35 minutes, and suddenly I was talking to a real IRS person. I was shocked it worked so well after spending literal DAYS trying to get through on my own. The IRS agent confirmed my payment was in the system but had been applied to the wrong tax year. Got it fixed in one call instead of writing letters and waiting months. If you need actual IRS confirmation about deducting that "Magnify Your Wealth" conference, this is definitely the way to go.

I attended Magnify Your Wealth last year and deducted the whole thing without issues. One piece of advice - make sure to keep the conference agenda/program that shows the business nature of the sessions. Also, if you're traveling out of town, remember you can deduct transportation, lodging, and 50% of meals while away from home. The other thing I did was take detailed notes about how each session applied to my business. This created a paper trail showing the business purpose. I even took photos of myself at the different business sessions as additional proof I was actually attending the conference for business purposes.

Quick question guys - if I bring my spouse along to the conference (they're not involved in my business), obviously their expenses aren't deductible, right? But do I need to somehow split shared expenses like the hotel room?