Tuesday, July 8, 2014

Tax Planning and Preparation: Joe Garza's Inside Look

It's never too early to begin tax preparation.

For several, tax day is hopefully a remote memory. But also for business manager, it's never too early to begin preparing for next year. And while the majority of businesses attempt to benefit from every allowable reduction, lots of have no idea that an excellent chunk of their marketing expenditures are tax deductible.

As a matter of fact, according to a recent questionnaire of business owners at Inside99Designs. com, greater than a quarter (27 percent) aren't also conscious that the IRS allows them to take off (" write off ") particular marketing costs on their income tax return. And from the 73 percent who do know about the write-offs, just 57 percent showed that they'll be taking advantage of them in the close to future.

And the study states ...

The study, conducted amongst 211 U.S.-based local business owners, showed that 64 percent of business owners say they are crossing out roughly the exact same amount this year as on their previous return, while only 22 percent are deducting much more.

And when asked what single advertising and marketing stations they 'd apply cash toward if they were to obtain a tax refund, the study claimed:

33 percent would certainly spend it on their site.
17 percent on web marketing.
17 percent on a mobile application.
10 percent on a print ad campaign.
8 percent on social media advertising.

Finally, when asked if they took into consideration the cash they invested in 2013 on advertising and marketing activities were a good use of money or if they felt otherwise, 70% confirmed, 23% were unsure, and 7% claimed no.

Simply to make clear, I'm by no implies a tax professional. Nonetheless, based on the searchings for from this study, I could develop a basic verdict that several small business owners ought to be speaking with their tax experts and reviewing possible tax deductible marketing expenditures. Yet as a small business proprietor, I find I'm in great company with those that are spending bucks back into their advertising and marketing methods in an effort to expand and keep a healthy and balanced consumer base.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.