How To Use Tax Write-Offs To Grow Your Business [2024]

Whether you have an LLC, an S-Corp, or do business as an individual, there are many ways to deduct the expense of running and marketing your business. Marketing and advertising costs are tax deductible. Hire creative professionals to market your brand and help your Oklahoma business stand out from competitors.

The great thing is that while you may not know what the exact return on your investment might be, you can record the expense as a business marketing tax write-off right away.

HOW MUCH OF MY BUDGET SHOULD BE SPENT ON MARKETING?

According to this article on Forbes.com, to maintain your current revenue you’ll want to spend 5-10% of sales on advertisements for your business such as billboards, radio or television commercials, Spotify ads, social media ads, and more. If you want to see improvement in your revenue, they suggest boosting your advertisement spend to around 20% of sales.

Graphic Design in Oklahoma City, Oklahoma

ROI AND BRANDING

It’s not always possible to track the effectiveness and ROI (return on investment) for every marketing campaign. We recommend starting strong with a professionally designed logo, a well-chosen color pallet, and thoughtfully written copy writing. Hiring professionals to create your branding kit will support further marketing endeavors.

PLEASE READ OUR BLOG: How to Navigate Rebranding- 4 Tips for Business Owners

BUSINESS START-UPS

Even if you aren’t already making income from your business, you can write off up to $5,000 of the cost to start your business in the year you started your business as long as your expenses are less than 50,000. Approved expenses beyond $5,000 are amortized over 15 years.

PLEASE READ OUR BLOG: 8 Ways a Creative Marketing Agency Can Help Your Small Business Start-Up

Uncanny Arthouse in Norman Oklahoma | Photo by Dylan Johnson @giantclick — Photo by Dylan Johnson @giantclick

WHAT MARKETING EXPENSES CAN I WRITE OFF?

So what marketing expenses are eligible as business write-offs?

Let’s start with the essentials for business marketing:

Website Design and Web Maintenance

Storefront Signs

Logo Design

Business Branding

Business Cards

Social Media Marketing

Brochures or Menus

Content Creation

Billboards and Sales Banners

Google Ads and Social Media Ads

Email and Bulk Mail Campaigns

Conference Attendance

Now we’ll list a few other creative ways to market your business:

Videos including promotional videos and product demo videos

Photography for your website or lookbook

If you host a public event and offer refreshments, you can write off refreshments as an advertising cost.

Broadcast Promotions such as radio and television spots or Spotify advertisements

Promotional materials such as pens, stickers, patches, branded mugs, or t-shirts

LET’S DEVELOP A DIGITAL MARKETING GAME PLAN TO LEVEL UP YOUR BUSINESS!

Our marketing and graphic design professionals in Norman, Oklahoma can help you develop your brand kit by designing or redesigning your business logo, color pallet, font style, and more! Our team of professional marketers, graphic designers, and copywriters is ready to assist you in all things digital marketing and digital content!

We even have videographers, photographers, and video production staff on our team to help you generate digital content for your social media, blog, and web pages.

Let our team elevate your digital marketing game and boost brand recognition for your business! Text message us today to get started.