If you are like most of us, spending cash on your wardrobe becomes somewhat of an unsustainable endeavor. You might be looking at your bank account, watching those numbers dip ever lower, and wondering how to keep it all going. Trends do not stay static- if you want to stay relevant in the world of fashion, you need to keep updating your wardrobe.
One thing that is certain, keeping your wardrobe up to date is not a cheap endeavor. It is expensive to constantly have the newest items, but if you want to stay involved in the fashion world you are going to need to keep updating your clothing.
If you can’t stop your habit of purchasing new clothing, what can you change? You need to rethink how you classify your spending. If you work in fashion, forming a small business and categorizing your purchases as business expenses may just be the ticket. When you are out shopping for yourself, there is no opportunity for tax write offs. But if you are out shopping as research for your fashion-related business, well, one can’t help the fact that they must make material investments!
If trying to set up your small business so that it can benefit you financially through tax write-offs sounds daunting, then get yourself set up with H&R Block. H&R Block has professional tax consultants who will help you wrap your head around what you need to get done.
Your job is to be a fashion star, not a financial planner. Yes, staying up to date with the latest trends can be expensive. But it can also be an expensive tax write off that comes back to you at the end of each fiscal year. You will need that money to stay involved in the fashion world, so you may as well investigate your options for recouping your costs.