Corporate Video – Why Video is a Great Tax Write Off
If there are three words every business owner loves to hear, they are probably; ‘tax write off.’ Knowing what you’re able to write off each year can sometimes be confusing (even with the help of an accountant). So, when it comes to video production, are there any tax breaks or benefits? Absolutely.
Video is an excellent tax write off for businesses, and can be viewed from two different angles: As a business expense, and as a professional fee. However, it’s important to understand exactly how video factors into these popular write off categories.
Video as a Business Expense
When most people think of business expenses, things like utilities, supplies, and even salaries come to mind. However, advertising is actually considered a business expense as well, and video marketing absolutely falls into that. When you’re creating your marketing/advertising budget, factor in video, and you can use it as a business expense just as you would with any billboard, radio ad, etc.
Video as a Professional Fee
This side of things can get a bit tricky, so it’s always a good idea to talk to a tax professional or accountant. However, professional fees can be written off if you pay a professional to do work that will benefit your business. If you work with a video marketing company that charges by the hour for their professional service, there are instances in which the money spent on those hours can be written off on your taxes.
As you can see, not only is video marketing one of the most efficient ways of letting your business stand out, but the benefits continue, even after you’ve completed the work. If you want to know more about why video is a great tax write off, contact a trusted accountant to ensure you’re receiving all the proper benefits from your video marketing endeavors.