Marketing Business Salary and Taxes

Marketing Business Salary and Taxes

As you embark on your marketing business endeavors, many questions and concerns are sure to arise in the back of your mind: Should I take on more employees? Can I then pay them a fair marketing business salary? Will I offer many services to a few clients or a specialized service to many? How much do benefits cost for an entrepreneur? It can quickly become overwhelming figuring out where and how to start.

Depending on the field of marketing you are in and your level of specialization, marketing business salaries can vary greatly. If your employers offer bonuses or benefits, these can also enhance your base salary ten percent or more even though it may not be reflected in the take-home amount. When it comes to offering compensation to your own employees, an accountant can help advise on stock options and benefits to boost a marketing business salary.

Marketing Business Salary Taxes

Before you can take home a salary, though, there are those nagging business expenses that must be paid. Taxes, for instance, can be a major drain on your business income. They don’t have to be, though. After considering the cost of time and money to manage bookkeeping and taxes yourself, finding a competent CPA could be the most beneficial expense you incur. Outsourcing your accounting is a great idea when it comes to business finances.

A personal accountant for marketers is an expert when it comes to identifying potential tax deductions. Rent, vehicle maintenance (i.e., gas), business loan payments, and your own advertising expenses are write-offs often overlooked but add up quickly. Because paying your CPA is considered an operating expense, you can write that off, too! A personal accountant can also advise on proper filing techniques to avoid tax penalties (which are often more damaging to your bottom line than any accounting invoice).

Your accountant will also help you stay accountable when it comes to keeping up with your business expense receipts and employee pay stubs. It is required to provide such documentation and privy to keep it on hand in case of an audit. Inevitably, your marketing business salary depends on how much you have to pay for expenses and taxes. Outsourcing your taxes ensures that your money is working as hard for you as you are.

For Employers

Depending on the scope and size of your business, your accountant may advise you to provide W-2 employment to avoid paying employment tax. This puts the burden of paying the tax on the freelance employee rather than the employer. A CPA can also best advise on how to structure your business to limit liability and keep taxes as simple as possible. Knowing when and how to incorporate your business can be tricky and varies from state to state.

Sometimes bridging the gap between vision and execution can be uncomfortable, but is entirely necessary.

Tax Planning and Business Advisory

At Fusion CPA, we understand these growing pains. Being an entrepreneurial accounting firm, we have first-hand experience in overcoming professional obstacles and have made it our passion to help other business owners do the same.

Our business advisory branch seeks to help entrepreneurs take their ideas from dream to reality. We offer a comprehensive six-step process with a team member there every step of the way to help you realize your business goals and put to practice the necessary performance strategy to take you there.

Whether you plan to grow your marketing firm into other territories or provide more in-house services, Fusion CPA assists in growing your business. A multi-location firm ourselves, our team provides expertise in e-commerce and multi-location accounting. We can become your personal CFO for inventory, point-of-sale reconciliation, accounting, and tax needs.

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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.