Marketing is a very unique and advanced process for business owners. When allocating resources in both time and money, it can be difficult to measure how your involvement and use of marketing should be taxed. All of our services here are deductible, which is why it’s so important to be prepared for the season. Here are some tips on how to categorize your expenses.

Print vs Multimedia Advertising

For most businesses printing is a primary avenue for new business. This can be categorized into mailers, coupons, any route for new leads to be generated through physical marketing. Also, this includes newspaper listings and magazines, which often pair both print content and special offers.

Multimedia is a different ball game. It’s more of a gray area in terms of being measurable. Video production or television programming are the most common commercial routes. These expenses are subject to change depending on the industry, call us for more information on that.

Social Media and Content Creation

Social media for the most part is done in house. If it is outsourced, this either includes an agency, freelance work, or a referral business. Again, this will vary from industry to industry, so make sure to get information custom to your industry. In the case it isn’t outsourced, make sure to be aware of how pay restrictions will work out of the country and get on the same page with them right away.

Content covers anything you produce for the value of marketing. Video content, written content, blogging and social posting; anything associated with your online presence.

Expenses in technology

Are you using in-house tech? How is your content reaching your market? Consider all this, and then how you pay for it. Make sure you’re on the same page with your agency or freelancer. If everything’s done in house, then it should be simpler to handle on your own.

For further questions, give us a call today. We can follow up with any further information you may need on how your marketing services are taxed. Since the season is upon us, get these questions answered by a chartered certified accountant sooner rather than later. We look forward to hearing from you to plan for this tax year!