04 Oct Tax Write-Offs with Masterclass Presenter, Kristen Montgomery, CFP ®
There are countless reasons to attend the Elevate Summit in January – the experience, the education from the amazing speakers, the networking and the invaluable relationships you’ll build, but did you know that most of what you’ll pay for Elevate is DEDUCTIBLE for tax purposes?! That’s right…the IRS allows you to deduct the costs of attending a conference as long as it relates to your profession! If this sounds exciting but like Greek to you, here is a little breakdown.
What are deductible expenses?
The IRS says you can deduct 100% of expenses for attending a conference when it is directly related to your job. So when you attend Elevate; your ticket, lodging, flight and rental car/ uber/lyft expenses are 100% deductible. Additionally, you can deduct 50% of any of your meals purchased during the conference.
But what does deductible actually mean?!
Deductible means that you get to subtract an expense from your income when determining the taxable income from your business. By subtracting eligible expenses you can reduce your taxable income. If you’re still not following, it means the government is giving you a break on your taxes to invest in yourself and your business! Even the IRS wants you to attend Elevate!
If Happy Hannah Purchases a VIP Ticket
Let’s look at this example of two people – Happy Hannah who attends Elevate with a VIP ticket and Sad Sally who chose not to attend.
Happy Hannah bought a VIP ticket to Elevate with the $200 NAPCP member discount code, used the group rate to book her rooms at The Graduate and paid $300 for her flight. Her total out of pocket expenses that are fully deductible were $2,546. Both Sad Sally and Happy Hannah had adjusted gross income (AGI) of $75,000. Happy Hannah deducted 100% of the cost associated with attending Elevate from her income and paid $560 less in taxes than Sad Sally for earning the same (AGI)! Think of it as an extra discount of $560 discount from the IRS to attend Elevate!
If Happy Hannah Purchases a General Ticket
Let’s look at this example of two people – Happy Hannah who attends Elevate with a general ticket and Sad Sally who chose not to attend.
Happy Hannah bought a General ticket to Elevate with the $200 NAPCP member discount code, used the group rate to book her rooms at The Graduate and paid $300 for her flight. Her total out of pocket expenses that are fully deductible were $1,946. Both Sad Sally and Happy Hannah had adjusted gross income (AGI) of $75,000. Happy Hannah deducted 100% of the cost associated with attending Elevate from her income and paid $428 less in taxes than Sad Sally for earning the same (AGI)! Think of it as an extra discount $428 discount from the IRS to attend Elevate!
Not only will you come away from Elevate with invaluable lessons and experiences, you can also quantify why it is worth the investment to attend! So now what are you waiting for?!?! Register today!
Disclaimer: This is an example for illustrative purposes and you should speak to your CPA to determine the benefit specific to your individual situation
Learn more about finance at Elevate during Kristen’s Masterclass, Financial Fitness for Creatives!
Running your own business requires you to wear many hats and not all our hats fit as easily as others! Understanding financial basics can be intimidating for someone that is used to being creative or perhaps doesn’t consider themselves a “numbers” person. This class will break down finance fundamentals in an easy to understand way. My goal is for attendees to come away from this class with a better understanding and motivation as to why they need to pay their current selves AND pay their future selves and the tools to do so! I’m so excited to combine my knowledge of the creative industry and my wealth of information from working in the financial industry. I’m passionate about both and look forward to helping attendees become more financially fit without the stress!
Masterclass Presenter at Elevate Summit
Hi! I’m Kristen Montgomery! I have run a successful photography business for growing families in the Charlotte, North Carolina area since 2013. Before launching my business, I worked in the banking and wealth management for both large and small firms. My interest in finance started at a young age when my grandfather gave me a list of stock ticker symbols to keep track of in the newspaper and report daily changes to him. Eventually, I graduated with a degree in finance from Miami University and developed a passion for financial literacy. One of my senior year projects was outlining the need for a financial literacy education course to be taught to all students – no matter their major or interest of study. I furthered my education by obtaining my CERTIFIED FINANCIAL PLANNER (TM) designation in 2008. I believe that financial planning should be available to everyone – regardless of net worth or career. I am so excited about combining two of my passions – it’s been a dream of mine for a while!
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