Which costs can I claim as tax deductible as a self-employed person?
August 10, 2022 | 50,00 EUR | answered by Christine Witzelmann
Dear tax advisor,
I am Emma Busse, a self-employed entrepreneur in the field of event planning. I am facing the challenge of making my expenses tax deductible and am unsure of which expenses I can actually deduct. In my industry, there are many different costs involved, such as office rent, office supplies, advertising costs for my events, travel expenses to clients and suppliers, as well as training costs for myself and my team.
Currently, I am managing my accounting myself and occasionally have difficulty identifying the correct cost items that are relevant for tax purposes. I want to ensure that I consider all possible expenses and thereby save on taxes. Additionally, I am concerned that I may overlook costs that I could actually deduct, and as a result, unnecessarily pay money to the tax authorities.
Therefore, my question is: What costs can I deduct as a self-employed individual? Are there specific expenses that are industry-specific and that I may have overlooked? How can I make my accounting more efficient to ensure that I correctly capture and deduct all relevant costs?
I would be very grateful if you could provide me with a comprehensive overview of the possible tax-deductible costs for self-employed individuals and give me tips on optimizing my accounting.
Thank you in advance for your support.
Sincerely,
Emma Busse
Dear Mrs. Busse,
Thank you for your inquiry regarding tax deductible costs as a self-employed individual in the field of event planning. As a tax advisor, I would like to help you gain an overview of possible expenses and provide you with tips for optimizing your bookkeeping.
In general, self-employed individuals can deduct a variety of costs to reduce their tax burden. Deductible expenses include:
1. Business expenses: These include rental and leasing costs for business premises and equipment, office supplies, advertising expenses, travel costs, telephone and internet expenses, insurance, as well as costs for training and further education for yourself and your team.
2. Depreciation: Investments in fixed assets such as computers, office furniture, or vehicles can be tax-deductible through depreciation allowances.
3. Personnel costs: Wages and salaries for employees as well as social security contributions can also be deducted as business expenses.
4. Representation costs: Costs for customer entertainment, gifts, or company events can be deducted as business expenses under certain conditions.
It is important that you clearly and systematically document your expenses to accurately record them in your bookkeeping. Organized bookkeeping not only facilitates tax filing, but also helps to avoid potential errors or oversights.
To make your bookkeeping more efficient, I recommend using a suitable accounting program that helps you clearly record your income and expenses. Additionally, it may be beneficial to regularly work with a tax advisor to ensure that your accounting meets tax requirements and that you take advantage of all opportunities for tax savings.
Finally, I would like to note that the information provided is general advice and tax regulations may vary depending on individual circumstances. Therefore, I recommend consulting a tax advisor for specific questions or uncertainties who can provide individualized advice.
I hope this information is helpful to you and I am available for further questions.
Best regards,
Christine Witzelmann
