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2. Marketing costs. All costs related to the marketing and promotion of your business are deductible. The marketing expenses that you can claim include: Business cards. Online, print or TV advertising
Deductible costs can even include money spent on food or entertainment you provide to the public to market or promote your business. Small businesses cannot deduct any money spent advertising at ...
A limited portion of the costs associated with starting a small business may be deductible. These costs might include market research, employee training, business development, and other related ...
Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities. [3]
Because business expenses are fully deductible under section 162, taxpayers try to argue that expenses were not start up expenses. The Second Circuit Court of Appeals found that the Tax Court should look at if employment of the taxpayer is in the same trade or business to determine if it is a start-up expense, or a carrying on expense. [ 11 ]
Of course, marketing and selling budgets can also be viewed as investments in acquiring and maintaining customers. From either perspective, however, it is useful to distinguish between fixed marketing costs and variable marketing costs. That is, managers must recognize which marketing costs will hold steady, and which will change with sales.
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