Financial advisors love to remind us that we should think about taxes all year long, not just the end of the year.
Let’s face it, though. Many of us – me included – get so caught up in our day-to-day activities and responsibilities that thoughts of what we can do to offset our tax bills don’t always enter our minds.
Then one day we suddenly look up, realize the end of the year is bearing down on us and think, “Yikes! I promised myself not to let this happen again!”
It’s not quite the end of the year yet, but it’s closing in fast. As a businesswoman who has to do marketing herself, I also understand the importance of tax planning and thought I would share some thoughts on how the two can work together.
Most of us know when you spend marketing dollars before Dec. 31, you gain a 2015 tax write-off. As it turns out, though, just like with tax planning, many people neglect to think about their marketing plans and budgets until they are nearly past what should have been the deadline.
It means missed opportunities for both promotions and taxes. It’s a double whammy of woes. You don’t want to fall into that trap.
Let me offer a few simple suggestions on how you can combine thinking about taxes with thinking about marketing and come out ahead on both.
- No need to delay. “Not to worry,” you say. “I’m not releasing anything until a few months into next year. I’ve still got plenty of time.” But even if you plan a 2016 release date for your book or product, or the launch of a new service, the time to start planning how to promote it is now. PR should not be a last-minute add on. It should be an integral part of your planning throughout the entire process.
- The tax advantage is now if you pay now. If possible, don’t just plan your 2016 PR now, but pay for it now, too, and save the receipt for your 2015 tax returns. That way you can get an immediate tax write-off, rather than waiting another year to use it to your bottom-line advantage. So, just confirm the agency you hire is willing to let you pay now and launch your campaign later.
- Make sure you get what you pay for. If you go the route of paying now, but delaying the launch until well into the New Year, here’s a word of advice. Look for a firm that’s been around for years so you are confident it will still be in business when you are ready for your campaign to be put in to action.
All that advance planning will pay off when it’s time to launch your business, service, products or books. Not only is smart from a tax perspective, it’s also like giving yourself a bonus present for the holidays!
P.S. If you want help with your PR plans, give us a call at 727-443-7115 ext. 215 or click here to get your Free Media Analysis.