Have you ever noticed that often in life we fail to take advantage of all the opportunities available to us – even when we knew or should have known they were there for the plucking?
Let me give you an example of what I’m talking about that’s relevant as the end of 2016 comes roaring into sight and soon will be nothing more than a fading memory in our rearview mirrors.
Most of us know that when you spend marketing dollars before Dec. 31 you gain a 2016 tax write-off. But let’s face it, at this time of year we get caught up in last-minute shopping, decorating and other holiday activities that are mixed in with our already hectic day-to-day responsibilities. Thoughts about what we might be doing to score some down-to-the-wire tax savings can’t always find their way through all that clutter.
Perhaps around the second week of January what we missed will dawn on us and we’ll smack ourselves in the head like those people in the old “I could have had a V-8” commercials!
I don’t know about you, but I never like the feeling I get when I think I may have squandered opportunities for both promotions and tax savings. I mean, it’s a double whammy of woes and you never want to fall into that trap.
So 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. “But, Marsha,” you say, “I’m not releasing anything until a few months into the New Year. I’ve got plenty of time. Let me enjoy my eggnog!” Well, even if you plan a 2017 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 needs to be an integral part of your planning throughout the entire process.
- Pay now and get a tax advantage now. If at all possible, don’t just plan your 2017 PR and marketing now. Pay for it now and save the receipt for your 2016 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. Just confirm that the agency you hire is willing to let you pay now, but launch your campaign later.
- Make sure you get what you pay for. If you do go the route of paying now, but delaying the launch until well into the New Year, here’s an additional word of advice. Look for a firm that’s been around for years so you’re confident it will still be in business when you’re ready for your campaign to be put into action.
All that advance planning can pay big dividends when it comes to a successful marketing campaign. But, it’s also smart planning from a tax perspective – and it’s like sneaking in an extra gift for yourself for the holidays!
And you won’t even need to act surprised!
P.S. If you need professional help with your marketing and PR plans, give us a call at 727-443-7115 ext. 215.
Marsha Friedman launched EMS Incorporated in 1990. Her firm represents corporations and experts in a wide array of fields such as business, health, food, lifestyle, politics, finance, law, sports and entertainment. She consults individuals and businesses on a daily basis and is frequently asked to speak at conferences about how to harness the power of publicity.