In honor of Tax Day, which was yesterday, April 15, 99designs released a report on April 14 detailing the deductions small businesses and entrepreneurs were missing out on. Among them is a marketing deduction, which allows small- to medium-size businesses (SMBs) to write off the cost of marketing their businesses. More than a quarter, at 27 percent, are not aware that the IRS will let them deduct certain marketing expenses, according to an article published yesterday, April 15 on MarketingProfs.
Meanwhile, out of the 73 percent of small business owners who know about the marketing expense deduction, only a little more than half, 57 percent, are actually claiming it on their 2013 tax returns. And nearly two-thirds of these surveyed small business owners aren't deducting any more than last year: just 64 percent are claiming more in marketing expenses than 2012, while less than a quarter, 22 percent, are deducting more.
The report details several deductions that small business owners may have missed in the rush to prepare their taxes. Here are a few that can be noted for and used next year, after consulting your qualified tax professional, of course.