If you are like most law firms, now is the time of year that you are finalizing the books for this year and planning for next year. You may even be waiting to spend on next year’s business plan until January, but you might want to think about using money that is still available for a 2019 tax write off instead. Use your tax write off as an opportunity to invest in your firm rather than paying increased taxes and carrying profits forward to next year. The slow time during the end of the year combined with tax savings provides a perfect opportunity to set your business in the right direction for next year.
- “Waste neither time nor money but make the best use of both.” Benjamin Franklin
- Spending on things that will increase business next year, like marketing, is a good way for law firms to reduce taxable income this year.
- Let’s look at a few ideas on how to take advantage of your 2019 tax write off: try something new, boost social media views, diversify content, and update your look.
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- Marketing plans take patience and time to grow. It is a perfect time to start something new like pay-per-click advertising or joining a new directory. You can start the campaign by using a tax-write off and the early start will give your ads time to gain traction before the new year when you are wanting to add clients. Facebook has a powerful ability to target and put ads in front of the exact type of people you’re looking for and boosting your social media views. This makes Facebook advertising a perfect way to decrease your tax burden. Content exists in many forms. Think about taking your most popular content and redoing it in a different format. For example, use that nice article outlining the value of working with an attorney that is getting lots of views and use it to create an infographic or animated video to bring new life to the content and diversify your audience. If you have extra money at the end of the year, look at ways to freshen your law firm’s branding, design, and artwork. It’s better to start these changes now when you have time and pay the bill this year for these improvements.
- Here’s Why It Matters To You. You can write-off the expenses while preparing to take your marketing plan to the next level and increase future business.
- I have successfully helped many small firms in the area develop marketing plans that take their law firm’s business to the next level. Set up a free consultation by clicking below to see how we can help your firm do the same.