As we approach the end of the year, taxes are almost due. As a business owner, you must consider your own personal tax liability and the liability of your company. Like so many other large businesses this tax season, choose to expand or rebrand your fleet with that tax money rather than letting it slip away. Here are a few tips and tricks to consider.
Get money back this tax season with Fleet Wrap HQ
Expand your fleet while reducing tax liability and get your fully deductible service this year with Fleet Wrap HQ. Once you have added vehicles to your fleet, take advantage by wrapping them before the year is over! From designing your custom wrap, to our careful installation, we create a drivable advertisement that can promote sales and leads every day.
What is tax liability?
Tax liability is the total amount of tax debt owed by an individual or corporation to the IRS. Ultimately, it is the total tax you are paying. Income taxes, sales tax, and capital gains tax are all forms of tax liabilities.
Reducing Your Tax Liability Through Write-Offs
Want to reduce your tax liability for the year and put your tax dollars into a beneficial advertising investment? Claim your business as a tax deduction! Here is how to know which expenses are deductible. First, a deductible expense must be both ordinary and necessary. An ordinary expense is common and accepted for the trade or business.
Expenses vary by business, but a few common business expenses are rent payments, education expenses, travel expenses, office equipment, payroll costs, utilities, advertising, and marketing. Get started on your deductions today, such as rebranding your fleet, and figure out how your business qualifies for the deduction.
Advertising and Marketing
Advertising and marketing expenses qualify as an ordinary, reasonable, and necessary tax deduction, if they directly relate to your business activities. Between website expenses, social media expenses, and printing advertisements, spending money to spread or promote brand awareness is deductible from your taxable income.
If you were looking for another reason to wrap your new fleet, included in the category of advertising and marketing is wrapping your vehicle. Business owners can write these marketing opportunities off under promotion expenses and save them and their business money in the long run. Invest in the future of your company today and get a quote with Fleet Wrap HQ!
Fleet Wrap HQ serves the Phoenix, San Diego, Denver, Orlando, Louisville, Salt Lake City, and Seattle areas!