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Tuesday, July 8, 2014

Joe Garza of Dallas Talks Wealth Retention Through Proper Tax Planning

It's never prematurely to begin tax planning.

For many, tax day is with any luck a remote memory. However, for business owners, it's never ever prematurely to start planning for next year. And while most businesses try to benefit from every permitted write-off, several don't know that an excellent portion of their advertising costs are tax deductible.

As a matter of fact, according to a recent survey of business owners at Inside99Designs. com, greater than a quarter (27 percent) aren't even mindful that the Internal Revenue Service permits them to take off (" write off ") specific advertising and marketing costs on their tax returns. And out of the 73 percent that do know about the write-offs, only 57% indicated that they'll be cashing in on them in the near future.

The questionnaire, performed among 211 U.S.-based small business proprietors, suggested that 64 percent of entreprenuers claim they are composing off roughly the same quantity this year as on their previous return, while just 22 percent are deducting a lot more.

And when asked just what solitary marketing stations they 'd use cash toward if they were to receive a tax refund, the questionnaire said:

33 percent would certainly invest it on their website.
17 percent on internet marketing.
17 percent on a mobile application.
10 percent on a print ad campaign.
8 percent on social media sites marketing.

Lastly, when asked if they considered the cash they invested in 2013 on advertising and marketing tasks were a good investment or not, 70 percent said yes, 23 percent claimed they just weren't sure, and 7 percent claimed no.

Simply to clarify, I'm by no means a tax professional. However, based upon the lookings for from this survey, I could produce a basic verdict that many small business proprietors need to be speaking with their tax professionals and reviewing possible tax deductible advertising expenditures. However as a small company proprietor, I discover I'm in great business with those that are spending dollars back into their advertising and marketing approaches in an effort to expand and preserve a healthy customer base.

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