As we count down to the early-bird deadline for CFC (this Wednesday, July 15; sign up here if you haven't already), June Walker, author of Self Employed Tax Solutions, explains exactly how much of your conference expenses (a lot!) you can deduct from your 2009 taxes.
As a freelancer in these tough economic times your vacation has likely been put on hold. Any of your money that’s not going to living necessities is probably going toward a work search rather than airfare to an island destination.
Well, here’s a way to get a change of scenery and acquire more tools to expand your earning potential. Let Uncle Sam and his state taxing cousins foot the bill for about one-third the cost of the Creative Freelancer Conference in San Diego.
Yes, that’s right, as a self-employed person, the cost of the conference is a complete business expense deduction. And it’s not just the conference fee that’s a deductible business expense. Get ready to write off your hotel, travel costs, all your meals, snacks, even drinks at poolside while talking with other freelancers. Spill red wine on your silk blouse? Have it cleaned by the hotel or when you get home and that’s a business deduction too.
The Conference discount price is still $445. Let the CFC folks know you read this post and use my personal discount code, JW9, and you’ll get another $25 discount. So your deeply discounted fee of $420 can save you $140 – give or take a few dollars — in taxes. That means only $280 is coming out of your pocket to get three days of business know-how.
Split the hotel room with a colleague? You each get a business deduction for half the cost.
Just as every $1,000 net income costs you about $330 in taxes, so, too, does $1,000 in expenses save you about $330 in taxes. I’ll be explaining the whys and how-tos of business expenses and tax savings at CFC but for those of you who want to know a little bit more now, take a look here Taxes: Which ones and how much do I pay?
Hope to see you in San Diego … June Walker