You can ask Santa for all sorts of things, but the gift you’ll really appreciate in a few months is one you must give yourself: An investment in your marketing.
Even though now is the time to be thinking of gifts for other people, it is also a good time to stop and think about what you’ll need to make 2018 your best year yet, so you can make that investment before the tax year ends. Then give yourself a gift or three.
Why now? It will be just as deductible next year, won’t it?
Sure (well, probably) – but if all goes well in Congress, your tax rate will be lower next time around.
Even if you don’t take delivery of products now, if you pay in advance or make a deposit, those dollars will be deductible. And of course, the sooner you have those items, the sooner you can start using them to build your business.
So what do you need to get 2018 off to a roaring start?
- A bio – or an update to your existing bio?
- Prospecting letters?
- A personal brochure?
- Printing services?
- New web pages?
- New yard signs?
- Business cards?
- A professional photograph of yourself?
- Client give-away items?
- Office equipment?
- A new camera?
- A new car?
Some of these items cost only a few dollars while others might set you back a bit, but making those purchases and/or commitments this year will save you money on tax day 2018.
Remember to deduct those client lunches and gifts…
If you’re meeting clients, past clients, or member of your sphere of influence for lunch, coffee, or cocktails, be sure to save those receipts and deduct them as a business expense! The same holds true for client gifts – just remember that there’s a limit per client on the price of those gifts.
If you’re hosting a client appreciation party, remember to document all of those expenses, too.
Once upon a time I knew a retired military man who didn't bother with his deductions at all. He said he was glad to pay his taxes and didn't need to lower them.
That's a fine sentiment - but after watching the way our elected people like to toss our dollars into the wind, I'd just as soon keep them and spend them myself.
Tax image courtesy of FrameAngel at FreeDigitalPhotos.net
Ladies at dinner Image courtesy of nenetus at FreeDigitalPhotos.net