As you wrap up 2019, it’s important to finish strong and set your small business up for a great start in 2020. In part, that means maximizing the deductions available to you when it comes to filing your taxes. Did you know that many of your marketing expenses are tax-deductible? It’s true! While there are IRS-imposed limits on gift and entertainment deductions, they are just the tip of the iceberg. You may be surprised to learn that you can generally deduct costs associated with:
- The salaries and wages of your marketing staff and contract employees
- The creation of digital and print advertising materials (social media, direct mail and search engine advertising)
- PR and promotional expenses (t-shirts, mugs, pens, etc.)
- Product samples
- Email marketing
- Influencer marketing
- A meal for a prospect or client up to $25 per instance
- Donation to a non-profit in order to sponsor an event
Ultimately, you can think about deductions through this filter: Deduct expenses that help you directly attract and retain clients. If you have any questions about which marketing expenses are deductible, visit the IRS website or speak with your accountant.
Capture more deductions from your business’s marketing efforts this year! Contact us for ways we can help you put your marketing to work for you and your business in 2020 by clicking below!