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Affiliate Marketing

Aron Govil says on Taxes

When filing your taxes, you may consider yourself the hired help. After all, with all of your personal expenses like gas and car insurance deductions, it can be difficult to justify conducting business activities on your tax return. Fortunately for marketing consultants, there are several legitimate ways to make sure you get every deduction you deserve says Aron Govil.

Here’s a rundown of some of the top ways to save money on taxes as a marketing consultant:

1. Hire an Accountant:

Marketing Consultants with a small business might not have the time or knowledge to handle their own tax return—especially if they’ve never filed before. The best thing you can do for yourself is to hire a reputable accountant and let him or her handle filing your taxes. While your accountant will likely charge you anywhere from $100 to $200, the money is worth it in order to receive an accurate tax return with no suspicious deductions or errors says Aron Govil.

2. Keep Track of Mileage:

If you travel for business purposes, make sure you keep track of all mileage and gas expenses. While the IRS does not require you to keep receipts, it’s important that you document all of your expenses in case your return is ever audited by the IRS. If you’re able, instead of keeping gas and mileage logs, use a GPS-based mapping program like Mile Bug says Aron Govil.

3. Keep Solid Records:

A wonderful thing about being a small business owner is the ability to write off certain expenses from your taxes. Unfortunately, this leads some people to try and take deductions that they don’t qualify for. For example, if you want to deduct an advertising expense, you must be able to prove that it was a necessary part of conducting your business. As a marketing consultant, remember that while a handwritten receipt is better than no receipt at all, it isn’t foolproof when going against the IRS—especially if there are any inconsistencies in your deduction claims. The best thing you can do is keep solid records for every item included on your tax return—including bank statements and receipts for items purchased within the last year.

4. Keep Solid Records for Business Mileage:

Just like it’s important to keep track of all mileage for personal business, you need to keep careful records for your miles driven on behalf of clients. Make sure you have a solid record of what date and time you picked up the client, how many miles were driven during the course of the assignment, and where your destination was. If possible, note any phone calls or other administrative tasks completed while driving as well.

5. Get Adjusted Gross Income (AGI):

An adjusted gross income (AGI) is basically the number that exists before deductions are applied to your taxes—and something that could potentially save you big bucks on taxes depending on how much it is. The more deductions you have, the higher your AGI will be—and it’s widely known that those with a high AGI usually receive more generous tax refunds says Aron Govil.

6. Keep Track of Mileage for Your Clients:

If you ever travel for any reason as part of your job as a marketing consultant, make sure you keep track of all mileage logged on behalf of clients. If you don’t, and this isn’t included in your deductions, it can mean losing money come tax time. Every mile that’s driven for a client should be noted on their invoice, including a description of what was done during that drive time (i.e., administrative tasks). Simply deducting an hourly rate won’t work because companies only allow employees to expense a maximum of 57.5 cents per mile driven for business purposes.

7. Avoid Business Gifts:

It’s important to note that you cannot deduct gifts from your taxes as a marketing consultant unless they are directly related to your trade or profession, which is why it’s probably not a good idea to buy gifts for clients—especially if the gift exceeds $25 in value. While this doesn’t mean you can’t give out small thank-you gifts like notebooks and pens, consider just giving out gift cards instead.

8. Save All Receipts:

A lot of people who work as marketing consultants don’t think twice about throwing away old receipts, but saving these things often comes in handy come tax time when trying to claim deductions. If you’re able to, save all receipts for any work-related expenses throughout the year—and even ask your employer not to issue refunds on your behalf until after tax season. That way, you can be sure that nothing is lost or misplaced during the refund process.

Conclusion by Aron Govil:

Always keep good records for your business. If possible, request that your refunds not be issued until after the end of the year so nothing is lost or misplaced. Always keep receipts for any expenses related to working as a marketing consultant. Keep all mileage logs for business travel and save all receipts for gifts acquired on behalf of clients, even if they are small thank-you gifts like notebooks and pens.

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