By: Tracey Manailescu, WPIC Co-founder and Vice President
Hold on to those business receipts and invoices that you accumulate over the year. Ensure that you have kept a detailed summary about what the expenses were for, when they took place, and how much they cost. If it’s not self-explanatory, then flip it over, and write what it was for on the back.
*Remember to keep all of your receipts for 7 years*
Tax write-offs reduce your taxable income. It cannot go below zero. Sorry, friends and family who expect a free meal 🙂
You can read more here: Business Expenses-Canada.ca
- Advertising Google Ads, Facebook Ads, Wedding Shows, Wedding magazines and wedding blogs. Some examples would be Wedding Wire, The Knot, EventSource, Wedluxe, Elegant Wedding Magazine, Today’s Bride, Weddingbells, etc.
- Promotion Pens, business cards, mugs.
- Education Certifications, degrees, diplomas, conferences and webinars that will help you grow your wedding business are tax deductible. Books and magazines as well.
- Liability and E & O Insurance A must have for wedding planners/coordinators/consultants. WPIC has a great program with HUB International.
- Car Expenses and Mileage Leasing (check with your accountant for the yearly claimable amount). A percentage of your car washes, detailing, tune up, repairs, oil changes, etc. Site visits, and meetings to and from a location to meet your clients, driving to work at the wedding, attend a conference or course, parking receipts, tolls, etc.
- Business Licenses and Registration Some cities require a separate license to operate in it aside from your provinial business license. Check with your province or state.
- Association Fees Most associations will have a yearly fee to be a member. *WPIC does not charge an additional fee for it’s alumni to be a member.
- Client Gifts Its a nice touch to give your clients or wedding friendors a “thank you” gift after working with them for their wedding. A bottle of wine or champagne, along with a card will mean so much. (Each area will have a specific allowable amount.)
- Website and Website Upkeep Hosting, Squarespace, Word Press, plugins, etc.
- CRM’s Client Relationship Management (Aisle Planner, 17 Hats, Dubsabo, Planning Pod, HoneyBook, etc.) Planners seem to have varying favourites with them, so you will need to find what suits your business best.
- Meals We can claim 50% of a meal purchased for us and our clients. You can also claim any meal for business when you cannot eat at home.
- Travel Related Expenses Attending a conference or course that requires, driving, flying, train and hotel? It’s claimable.
- Cell Phone (percentage of what is used for business).
- Office Equipment Computer, desk, phones, internet, Dropbox, Quickbooks, Printer, paper.
- Office Rent If you rent somewhere for your business, then it’s a write-off. Even if its a sharing space once or twice a month. If you are using your home, then a percentage of it is a tax write-off.
*Disclaimer: Please speak with a professional Accountant to ensure that any of these items are tax-deductible in your city, town, province, state or country. I am not an Accountant, and I do not provide legal or financial advice.