Yes, with proper documentation.
As a small business owner, you’re familiar with business expense write offs. Maintaining records of the costs incurred to run your business is crucial for a healthy balance sheet.
Most commonly, business expenses are home office expenses, office supplies, internet expenses, and professional service fees such as legal and bookkeeping.
Professional Development
But did you know that self-funded professional development also qualifies as a business expense?
In a traditional business, employers often offer professional development opportunities to employees.
Professional development can be specialized training, formal education, and conferences on relevant subject matters.
Professional development is still important for your business and your growth as a small business owner.
While you may not have an employer to cover the costs, the good news is that the costs of educating yourself can be allocated as business expenses, meaning they are tax deductible.
Business Retreats
So, does a business retreat like the Bloom Retreat qualify as a business expense?
Yes, with proper documentation.
The retreat must focus primarily on business topics and provide professional development for the attendees.
Since the Bloom Retreat focuses on helping small service-based business owners thrive in both life and business, with:
- included professional development,
- networking,
- and brand services, it qualifies as a business expense.
When investing in your business via a retreat, be sure to save your ticket receipt, retreat itinerary, and any travel, food, and accommodation expenses.
Since Bloom is an all-inclusive retreat, you’ll only need to maintain records of your ticket purchase payments and your travel costs.
If you’re considering investing in your business, a business retreat is an incredible way to nourish yourself in order to best run your business.
