How a-MLM-business-can-save-you-money-taxes

How a MLM Business Can Save You Money

how an mlm business can save you money

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Can a MLM business save you money?

You have probably only heard gloom, horror stories of

people losing money in MLM.

What about illegal pyramids?  

 

That is another story.  Strangely, Mr Warren Buffet, one of

the world’s premier billionaire owns a few of them. Why?  

Maybe Mr. Buffet knows a few things that you don’t know.

 

Whatever, it is I am glad you are here and seeking to know

more on how a MLM business can save you money.

 

It is, no secret, but most people fail to take the full tax

advantages of a mlm business.

 

This is only pertaining to the USA and Canada.

I have heard that Australia and New Zealand has similar

system, I don’t know.

 

It can be hard to believe that you can save money through a

MLM company.  Especially, with the hoards of reports and

fabricated gossips, stating that 90% of the people who join a

MLM business loses their money. 

how an mlm business can save you money

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That sort of gossip about the industry was so rampant that,

direct selling news hired an independent auditing firm to

conduct an investigative study to verify or dispel such

claims.

 

This “new New data not only dispels accusations made in

the court of public and online opinion and advances the

industry’s ability to apply a fact-driven, strategic, proactive

offense to better educate the public and quiet industry

opponents.”

  

How an MLM Business Can Save you money

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My own observation and experiences, solidifies the Tax

Benefits of a Home Based Business?    

                                                                                                             

It is simple economics, the economics of discipline. When

you run your network marketing, mlm business, as a

business, you are entitled to a host of tax deductions, in

the USA and Canada.

 

I am only writing for US and Canada, so you would have

to check with a prominent tax attorney, or an accountant

who specialized in home based business tax laws.

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In the USA, the IRS has a MLM business tax guide.

If you are challenged in reading it the Tax Reduction 

Institute, has training, publications and a tax apps to

help clarify, decode& simplify the home-based business 

tax .laws for you.

 

As a mlm business, in the US, you are entitled to a host 

of tax deductions given to home based business.

Most people don’t realize the money saving benefits of

having a home based business, especially a MLM-

network marketing business.

 

You will probably be surprised to know that network

marketing has a lot of tax deductions, that some other

home-based businesses don’t have.

 

The focus of this article is on highlighting some of the tax

benefits or some of the deductions that may be available

to you, running a network marketing home based business.

 

I am not a tax attorney nor a tax consultant.  This

information is for educational use only. going to discuss

any specific technique  or how they are used.      

                       

Did you know that there are roughly 137 tax deductions

strategies, that most people don’t know about?

 

However, you probably won’t be using them all in your

first 3 to 5  years in business. There are strict guidelines

to using them all in various business structures.

 

Before we get any further I need you to know that the

information I share with you is simply for educational

purposes. I am not a tax adviser, and I won’t profess

to be one. 

 

The following IRS Publication contains some

general info on tax deduction.

 

Tax Write Offs For Home Based Business

The list below is but not limited to what you may write

off for tax purposes, as you engage in a MLM home based

business.

*** Eating out,including going to nice restaurants

*** Entertainment: including having parties

*** Fun activities: engaging in fun activities

*** Sporting events: basketball, bowling etc.,golfing

*** Travel: by air, water or land

 

*** Gifting: giving away gifts. Yes you can write gifts off

*** Online work: spending business related time online

*** Education: learning new things that you have to pay

to learn you may find this interesting, (restrictions).

 

*** If you have out of pocket medical, health, dental,

vision and  certain insurance expenses, you may be able

to deduct some of them.  That is huge.

 

*** You can also offset some of your regular W-2 wages

against home business losses or lack of profitability           

you to purchase it and be  able to write it off on your taxes.  

 

Publication 502: Is an IRS Publication 502, that provides a

fairly long list of examples of medical expenses that qualify

for tax deduction.

 

Long-term care have limited deduction, as explained in

Form 2013 the maximum deductible amount for

long-term care insurance premiums.

Just a reminder, the key here is tax reduction.. not

tax evasion.  

 

Business start up: The cost of joining the business,

along with any other expenses, you had from acquiring

supplies, equipment, furniture, business building tools and

marketing and promotional materials.  

 

The more you spend that are legitimate business start up

expenses, the more you can write off.

More Home Business Tax Write Offs

 

Ordinary & necessary:Later on you may have a whole

list of bills connected to running your network marketing

business.  

 

As long as they are ordinary and necessary you may be able

to write them off, some at 100% depending on the IRS

rules as applied to your business structure.  

 

You’ll be able to write off your monthly phone bill and

internet bill the portion that is associated with your use of

those equipment in your business.

 

You may write off the hours you spend online sitting at

your computer conducting business or that is business

related.  

 

Mileage: And if you use your car for any business

purposes you can write off the mileage at a rate of $.54 per

mile in 2016.  

 

An example you go to a Net Cafe and pass out business

cards, meet  people and share what you do with folks.

You can write off those mileages.

 

Each time that you go out or are out promoting your

business, you can write those mileage off, as long as you

follow IRS guidelines.

Friends and family. If they live across town, there are

guidelines for you to be able to write off mileage, the

mileage to visit them and  conduct business.  

 

And you may be able to write off the cost of any fun

activities you may end up doing or going to a restaurant,

etc.

 

IRS have guidelines, on how to write off your mileage to

and from and other business activities.  

 

Deduct fun activities: You may even deduct 50% of

the cost of any fun activities you paid for, for your

prospect or business partner.  

 

Wow! Hey, think about season tickets to football

games and even away games, basketball games, golfing,

soccer, ballet etc.,and the travels associated with them.

Some of these activities can be written off at 100% and

some 50%.  

 

What about taking your your significant other out to

dinner or entertainment and write the cost off? 

How about hiring your spouse to work in your business

and offering him/her medical insurance and using a

certain technique to write off 100% of the cost of your

medical insurance?  

 

That one stuns a lot of people but it’s allowed by the IRS.

Just think about it, all these new entitlements, from

activities that you normally spend money on.  

 

Now putting money back into your wallet and bank account.

Before they were lost expenses, now they would be

deductible expenses.  

 

And because they are deductible expenses they lower

your taxable income or adjusted gross income.

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Now as a network marketer you can have prospects

or business partners, wherever your company is in or

you can go open up a  market.

 

This allows you, if you have the money, to travel

wherever your business is in and write 50% or more of

your business expenses off, some expenses up to 100%.

A lot of people, stay away from home based businesses

because they just don’t know the tax advantages and are

scared of dealing with IRS. IRS wants you to do 3 simple

things and they will love you.

 

Everything that you claim, that you will learn, to be a

legitimate business expense or deduction needs to have

a story behind it.  

 

Telling where, when and why.

Now if, its money going into your bank account. They

want to know where it came from and how you got it.

In other words they want you to track and keep

records and receipts to show legitimacy.  

 

Today this activity can easily be done using an apps.

If this information opened your eyes and mind to the

power of having a MLM home based business.  I invite

you to take a look at what I am doing. It is as hybrid

MLM and because of the products used you can get

even deeper savings on your money.                   

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