Sunday, December 11, 2016

Year End Tax Tip #x3E; Increase Deductions

YEAR END.png

No one likes thinking about taxes, especially during the bustling month of December, but some financial prowess now can lower your tax bill come April. A basic year-end tax-saving strategy for lowering your tax bill is to accelerate deductions from now through December 31.

Time Expenses
Small businesses benefit from timing expenses to produce "lean" and "fat" years. For lean years make as many deductible expenses as possible. The goal is to claim the largest write-off using the tax deductions outlined below. 

Increase Your Itemized Deductions for This Year
Purchase more tax-deductible marketing services. Tax-deductible activities include anything you do to get the word out about your business. Marketing and promotion costs are one of the easiest categories to turn into valid tax deductions. With all of the changes in small business marketing, make sure you are deducting all legitimate marketing costs.

Here is a list of 2016 valid tax deductions:
- Website design, hosting and maintenance
- Online marketing and media management services and software
- Email campaigns and software
- SEO and web traffic analysis
- Social Media Management services via marketing agencies
- Web advertising, banner ads, pay-per-click fees
- Promotions and event costs
- Promotional banner design
- Business logo design and brand identity
- Branded promotional or giveaway items (t-shirts, bags)
- Brochures, mailers, flyers
- Package design fees
- Catalogs and menus
- Business cards
- Marketing materials print costs
- Client gifts
- Sponsorships
- Bumper stickers, door hangers related to promoting business
- Traditional advertising (video, TV, radio, newspaper, magazine, yellow pages)

If it's too late to make 2016 a lean year, then plan to make 2017 one!

Permalink



from Beauty Business Blog http://ift.tt/2gpAkcw

No comments:

Post a Comment