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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 11140
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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There! I have a real estate practice in Utah. I have a storytelling

Customer Question

Hi there! I have a real estate practice in Utah. I have a storytelling theme, focusing on history, arts, and architecture, and I am wondering, can I write off expenses that are related to those fields if I use them in promotion of my brand? For example, if I went to a historic tour and wrote about it on my blog, can I write that off, even if it isn't directly related to real estate but is to my brand? Thank you!
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.
You ask an excellent question.You'll find that the tax LAW (Section 162 of Title 26 of the US code) says that to be deductible for a business the expenses muct be ordinary and necessary for that business..Now before you become too downhearted, the IRS has interpreted that, by saying that (from: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deducting-Business-Expenses) "An expense does not have to be indispensable to be considered necessary."
Expert:  Lane replied 1 year ago.
I think the trick here will be to allocate this to advertising AND not have advertising expenses that are out of lne with your industry
Expert:  Lane replied 1 year ago.
If others put up billboards, and you use these tours as a part of your blog, and you both generate leads that way....
Customer: replied 1 year ago.

Makes sense.... thank you!

Expert:  Lane replied 1 year ago.
Sounds like advertising to me ... again the trick, in terms of audit prevention will be (1) moderation - keep total advertising/marketing spending (even though yours may be somewhat atypical) in line with industry norms (2) Document in every way possible ... in notes, in the blogs themselves that this IS how you advertise
Expert:  Lane replied 1 year ago.
You're very welcome (a positive rating using the stars or smiley faces on your screen would be thanks enough ... that's the ONLY way I'm credited for the work here)
Customer: replied 1 year ago.

I am not getting the rating option... ugh. Something wrong with the system?

Expert:  Lane replied 1 year ago.
Hi, so sorry. Can you try again?I have to check a box that says "I'm ready to be rated," and it doesn't look as if it was checked.Thank you!