How to Increase Sales AND Your Write-Off Expenses
Thank goodness tax season is coming to an end! Maybe you’re the type that has it down, keeps all records in one place and files as soon as possible. Maybe you’re the type that rummages through months of files to find your receipts and files at the last minute. Either way, as a small business owner, the only part of taxes we like are the deductions and write offs.
Did you know that small businesses can write off their marketing expenses as business expenses on their tax returns? Not only are you investing in marketing services to grow your business, you’re also able to spend less in taxes. This can include any expenses related to advertising, such as the cost of creating and running ads, printing brochures, sponsoring events, or paying for online marketing services.
Here are some steps small businesses can follow to write off their marketing expenses:
Keep records: It is important to keep accurate records of all marketing expenses. This includes receipts, invoices, and any other documentation related to the expense.
Categorize expenses: Separate marketing expenses from other business expenses, such as rent or equipment purchases. This will make it easier to identify and deduct them on your tax return.
Consult a tax professional: Small businesses should consult a tax professional to ensure they are following all relevant tax laws and regulations. The tax professional can help identify which marketing expenses are eligible for deduction and help maximize the tax benefits.
Claim deductions: Finally, small businesses can claim deductions on their tax returns for eligible marketing expenses. The amount that can be deducted will depend on the specific expense and tax laws in your jurisdiction.
Another year is here and we’re already almost 5 months in. Get ahead by investing in your marketing and having an extra write off when you do your 2023 taxes.
Consult with us today and we’ll help you get a jumpstart.
