Rules, Regulations and Taxes for Your Party or Event Planning Business
You can’t escape real-world licenses, permits and regulations. You will need to explore local, state and federal licenses and permits, and we can also help out with researching your business licensing needs. Make sure you understand the permits, licenses and regulations you’ll need to follow as an event planner vs. the responsibilities of the vendors, third parties and locations that you’re working with.
Taxes are a fact of life if you’re in business, and there are various ways you will need to file and pay them. This can include self-employment tax, state income tax and federal income tax. Depending on where and how you’re selling products and services, you may also be liable for sales and use tax.
As a rule of thumb, we recommend holding back around a third of your earnings to pay your taxes. We can also prepare and file your tax returns for you.