Understanding Marketing Tax Deductions

Understanding Marketing Tax Deductions
Marketing is​ a​ necessary expense in​ running practically any business and the​ IRS acknowledges as​ much .​
You may run advertisements on​ or​ in​ the​ Internet,​ radio,​ television,​ magazines,​ newspapers and other media to​ sell your products or​ services .​
You should be deducting all of​ the​ associated costs on​ your tax returns.
Ordinary Marketing Expenses
Marketing costs must be ordinary and necessary business expenses in​ order to​ be deductible .​
Put in​ layman's terms,​ you​ marketing must be reasonably related to​ the​ promotion of​ your business and the​ expense amount must be a​ reasonable amount.
Deductible Marketing Expenses
Common deductible marketing expenses include the​ costs associated with the​ following items:
A .​
Yellow Page Advertisements,​
B .​
Business Cards,​
C .​
Advertisements in​ print media such as​ newspapers,​
D .​
Telemarketing,​
E .​
Business Cards,​
F .​
Web site costs including creation and maintenance,​
G .​
Costs for Advertisements on​ the​ Internet,​
H .​
Billboards,​ and
I .​
Graphic design costs.
Goodwill Marketing For Your Business
Marketing that is​ intended to​ portray your business positively can be deducted .​
Such marketing creates a​ long-term potential for business and,​ thus,​ falls within the​ ordinary and normal requirements of​ the​ tax code .​
Examples of​ such marketing include:
A .​
Sponsoring local youth sports teams,​
B .​
Distributing samples of​ your business product,​ and
C .​
Costs associated with prizes offered by your business in​ a​ contest.
As long as​ your marketing expenses can be reasonably related to​ the​ promotion of​ your business,​ you​ should be deducting said expenses from your gross revenues .​
If you​ failed to​ claim any such expenses on​ your tax returns,​ your probably overpaid your taxes.
Understanding Marketing Tax Deductions Understanding Marketing Tax Deductions Reviewed by Henda Yesti on July 05, 2018 Rating: 5

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