When you decide to be event planner, you have to think about your business expenses.
One of the advantages of having your own business is that you can write off a lot of expenses against your income.
If you’re like me then you hate keeping track of receipts and anything “accounting” related! But keeping all your receipts has definite tax advantages.
Even if you have a background in bookkeeping or finance, it’s a good idea to build a relationship with a good business accountant.
If you haven’t started your event planning business yet, but you’re planning to and you’re taking courses or researching the business, start keeping your receipts because you may be able to write them off.
Some of the most valuable advice I got when I started my event planning business in 2004 was to hang on to every receipt because it could be used as a business expense.
Event Planning Receipts
Even the ones you don’t think will count.
Hold on to them!
This allows you to save on the taxes you owe.
Event planning receipts to keep may include:
- Event planning courses or materials you purchase
- Subscriptions to event related magazines and newspapers
- Event, business and other reference book
- Cell phone and Internet bills
- Vehicle expenses, including mileage
- Part of your mortgage, if you have a home office
- A portion of your utilities like heating and electricity
- Office supplies, postage and courier bills
- Travel expenses
- Restaurant receipts
- Computer equipment and software
Tip: Save 25% of all income earned and put it in a separate savings account. Then, use that saved money to pay taxes at the end of the year. It was one of the best pieces of advice I ever got when I was starting.
**Check with your accountant to see if this will work for you too.
It’s important to find a small business accountant so you know which items are business expenses.
When in doubt, hang on to the receipt and let your accountant determine if it can be used or not.
If you’re looking for the right event course for you, check out our online courses here.