It’s tax season and as you prepare the needed papers for filing your taxes, you might be wondering what tax write-offs are applicable to you and whether there are ways you can save money in your event planning business.
As an event and wedding planner, I want to share five (5) expenses that you might not be aware of and which you can claim as business expenses:
1. Professional Development Events
Have you attended a conference for your business? Or perhaps you’ve enrolled in an online or in-person course to improve something in your business? Whether this was to improve your skills in planning, designing, or the management of your business, whatever that is you can write off these expenses as long as they are related to your business.
Did you purchase any books this year to help improve your skills as a business owner? This is also considered an expense that you can use as a tax write-off. If you’ve bought event planning books even if you’re already planning events.
3. Phone and Internet Expenses
You might already know this one as it’s fairly common for most businesses, but if you use your cell phone or internet for your business then this is also a possible tax write-off. What percentage of the expense you’ll be able to claim will vary according to your location, but this is where finding a highly recommended Accountant will be helpful.
4. Online Marketing Costs
If you’re advertising online and running ads, these are eligible as a tax write-off. Even if you hired an internet marketer or a digital marketer like myself, you can actually write-off that expense.
For example: If you hired me to help you to set up a Facebook Ad and the Facebook ad cost you $1,000, then you can write off that $1,000 ad cost, plus the cost of getting it set up.
Facebook also does an amazing job of tracking your ad spend expenses so when you go in at any time, it’s often itemized and you can just download the report to see what you’ve spent in any given year.
5. Online Assets
The final item that most planners do not realize they can write-off is their website expenses. If you purchased a website domain name, and are currently paying to host your site, these are expenses you can include as part of your tax write-offs. Even items such as plugins (if you’re on wordpress), can also be written off.
Conclusion: Tax Write-Offs
These are just five of the common expenses that I know not every event planner will know outside of their regular event costs and the cost of running their business.
I’d also like to leave you with one final tip and that’s to seek a professional. That’s right, I’m talking about an Accountant. Your accountant is probably going to be your best friend during tax season, ensure that you’re working with someone to help review everything that you are submitting and keep your business on the right track.