Why you should benefit from Black Friday/ Cyber Monday sales when you are a freelancer

As a freelancer, you are probably watching your business expenses relatively close. Chances are you don’t want to overspend on things - even though your business expenses are items that are obviously tax write-offs. If that’s not the case for you, wow, great! Congrats! If you are in the early stages of running your freelance business, this will most likely not be the case yet and you want to make sure to keep your expenses tight to take home as much profit as possible.

So when opportunities like Black Friday or Cyber Monday sales come around, your entrepreneurial heart is as happy as ours! Because major savings mean more tax write-offs for all business expenses. But be careful to not exceed the limits on the items you are purchasing, if not you have to write them off through depreciation and the effect isn’t instant.

Lunafi makes it super easy to keep track of your business expenses and tax write-off limits. Means more time browsing for good deals and less worrying about the next tax season.

Black Friday/ Cyber Monday

Black Friday and Cyber Monday deals usually run between Friday after Thanksgiving to end of day on the following Monday. This year we are noticing a lot of brands offering deals already the week before Black Friday to drive additional traffic so make sure to hop on those early!

But what to buy?
Depending on the nature of your business, there are quite a few sales that are probably applicable to you. Let’s start with an easy one - equipment.

No matter what industry you are in, this could mean a new monitor, laptop, phone or printer. Or if you have been eying new office furniture for your personal home office setup, like a new office chair or office desk, this is your chance. Make sure to stay within the tax approved guidelines, especially when spending a lot of money on a laptop.

If you are a photographer or videographer, this is the best time to buy new equipment like a new camera or lenses. If you work in social media and have also been thinking of buying a camera for easier content creation, this is your chance. Same for tripods or other things like a ring light.

Black Friday is a great way to get great deals on subscriptions. From magazine subscriptions to virtual subscriptions, don’t miss out on those deals! If you are an interior designer, this is your chance to get home magazines for much cheaper. If you work in finance and read money related magazines, don’t miss out!

If you are a personal trainer, yoga, pilates or fitness instructor, use this Black Friday sale to renew your athletic wear, shoes, gear and accessories. Same goes for new equipment, like weights, that you use for your profession.

Online subscriptions like design tools or CRM tools offer discounted first year subscriptions which is a great way to save some dollars. If you need to get it anyways, might as well save a few bucks on it!

Tools for email marketing, SEO plugins or website hosting providers have great discounts going on during the week of Black Friday too. If you are thinking of switching to a new website provider, lookout for Black Friday deals.

Thinking of doing something fun for your clients? Getting gifts for them is the perfect way to honor your working relationship and it’s also a tax write-off unless you exceed the maximum taxable amount which is $30 per client. Use Black Friday to shop from smaller stores and send gifts directly to your clients and we are sure they’ll be very happy!

Black Friday deals are also a great way to think about personal development, especially because you might have more time because your clients are taking some time off. Many service providers like coaches or online classes are available at a discounted price. As long as your personal development coach or class is related to your business, this is also a business expense. Good time to brush up your sales skills with some training on sales.

If you have any upcoming business travel, this is your chance to get good deals on flights and hotels. This requires some planning ahead, but is also a good way to score some savings.

Good luck getting great deals to save on your business expenses! When utilizing those deals, make sure to understand any purchasing guidelines when it comes to itemizing and writing them off.