There's Still Time for End of Year Marketing Write Offs
2015 is winding down, but it ain't over yet. You still have a few good weeks to make some (tax deductible) investments in your business.
Nothing beats ending the year with a marketing push which is, with few exceptions, 100 percent tax deductible.
Legal Marketing: What's Tax Deductible?
The vast majority of business-related marketing expenses are tax deductible. So long as expenses are ordinary, necessary, and reasonable, they can be deducted in the year the money is spent.
Examples of ordinary, necessary, and reasonable expenses include radio and print advertising costs, fees to marketing consultants, even prizes and sponsorships. So if you're looking for a last-minute deduction, now is the time to get spending.
Great Ideas for End of Year Marketing Investments
If you are going to make an end of year spend on marketing, you want to make sure it's worthwhile. Here are some ways you can get a little extra bang for your marketing buck.
1. Reinvest in Branding. Your brand is one of your most valuable assets. It's how you set yourself apart from the competition, how you establish your reputation, and how you create a niche for yourself in the legal market. Consider reinvesting in your brand by building your firm messaging, developing your firm's image online and in marketing materials, and even improving your customer service.
2. Up Your SEO. Two decades ago, the New York City Bar had to convince lawyers that it was worthwhile to be on the Internet. (They also had to explain what the Internet was.) Those days are over. Few lawyers would consider having a practice without an online presence.
But just being online isn't enough. You need to make sure that people get to your website. Enter SEO, or search engine optimization. An SEO plan can help boost your position in search engines like Google and Bing (really, people use Bing!), helping you bring more eyes to your website and clients through the door.
3. Target New Markets. The New Year is a great time to go after new markets, whether it's advertising existing services to new audiences or expanding into new practice areas.
And, of course, if you need any help, the experts at FindLaw's Lawyer Marketing are always available to lend a hand.
- Reevaluate Your Marketing Plan: 3 Questions to Ask (FindLaw's Strategist)
- 5 Things You May Be Able to Deduct From Your Firm's Tax Bill (FindLaw's Strategist)
- Trickier Tax Deductions That Your Firm May Be Missing (FindLaw's Strategist)
You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.