I have spent about $4000 trying to sell MonaVie with tastings at my home and meeting with people and sharing the business. No one wants to commit but I have spent money since July trying to get my business started. Can I write this off on my taxes?
I'm not a tax professional but I've been in business for over 20 years and its my understanding that as long as you can show that you were legitimately trying to make a profit but failed to do so then you can write off your expenses. Of course if you throw unprofitable wine tastings for the next ten years, the IRS may suspect that you're just writing off your parties :)
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