Tax Deductions For a Home Based Business
Tax advantages for home based business: Millions of of dollars in tax deductions for home based business goes unclaimed each year, in countries like the US, Canada and Australia.
Partly, because most people don’t know about the viable ways to reduce their taxable income, using a home based business.
You may be one of them. I trust that, that will change especially after reading this post.
If you live in the USA, Canada or Australia and you do not have a home based business you are losing as much as $3,000 to $9,000 yearly in missed income tax deduction.
Think about how much you got back or did not get back last year on your income tax return.
Now imagine getting back an extra $3,000 or even $9,000, on top of what you received.
Let me ask you what would you have done with that money?
Now imagine getting that back every year…that is available to you through the benefits of a home based business tax deductions.
The focus of the article is on the tax benefits or some of the deductions that may be available to you, who run a network
marketing home business.
You may not be aware of it, but there are roughly 100 tax deductions strategies, that millions of people don’t know about, nor use.
The irony though is that the information is freely available to them.
These tax reduction strategies are available to home based network marketing business owners.
But your ability to use them all is dependent on the type of business structure you have and by following IRS guidelines.
I am also letting you know that the information I share is simply for educational purpose.
To inform you of some of the tax write off strategies, that are available to home based business owners in network marketing.
The following IRS Publication contains some general info on tax deduction.
Tax Write Offs For Home Based Business
The list below is a partial list of business expenses, but not limited to what you may write off for tax purposes, as you engage in a home based business.
*** Dinning out: going to nice restaurants and paying for the meals and tips…Usually a 50% write off…some restriction.
*** Networking: entertaining and having parties same as above.
*** Sporting events: going to sporting events, examples the ballet or golfing, football, basketball etc…Same as above
*** Travel: traveling anywhere you want to go, by air, water or land Same as above…
mileage if you drive around town conducting business can be as high as $0.56 per mile.
That could be going to an amusement park or sporting event…
going to dinner, the opera as long as long as some business was conducted.
*** Gifting: giving away gifts…do you give gifts for Christmas, birthdays, weddings, home warming etc…. yes
*** Internet Marketing: spending business time online…. yes
*** Education: learning new things that you have to pay to learn you may find this interesting. Yes
*** if you have out of pocket medical, health, dental, vision and certain insurance expenses, you may be able to deduct
some of them. Yes
Not too many people think about Long Term Care insurance,which can be very expensive. yes
Here is a way for you to purchase it and be able to write it off a portion on your taxes.
Publication 502: Is an IRS Publication 502, that provides a fairly long list of examples of medical expenses that qualify for
Deductions for long-term care are limited. Form 2013, the maximum amount that can be deducted for premiums
I want to emphasize that 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.
As I told you above there are over 100 different tax reduction strategies that are available to mlm type of business owners.
You do not have to learn them all to get up to $9,000 return on your taxes.
GWT Corp actually have webinars where an actual tax professional take you through and answers all your questions.
Go check out what Mr. Sandy Botkins, has to offer. He is a CPA and former IRS tax attorney at the Tax Reduction Institute. Not an affiliate link.
Now you may say you are not a tax professional…well you don’t have to be today there apps created by tax attorneys example Mr. Botkins above, who is adept in the tax laws, especially MLM tax laws.
I have shared quite a bit of information about the tax advantages of a home based business with you. Mr. Botkins flyer above tells you, you can get back $2,000 to $10,000 or more extra on your income tax.
You actually may get more depending on where you stand in the tax bracket. But new business people typically get back in the range I have quoted above.
Now I would like to believe that you are excited about the prospect of getting an extra $3,000 or more every year on your income tax return.
To get you started on your to reduce your taxes and getting back more, I have a 3 step process for you to follow.
The First Step: is to watch a 6 minutes plus video an overview of the GWT Corp business.
Following that, is another video that is about 4 minutes long, given by the company’s founder and CEO Mr. Ramin Mesgarlou.
You do need to watch that video. You will appreciate it.
Following that video is another 7 minutes long video by the CEO talking about a different topic.
You will also find two other short videos by the company youngest millionaire, Mr. Rene Liaw.
One may be the Launch Pad and the other the compensation plan, I highly recommend you watch them all.
If you are in Australia, Canada or USA you can write off 100% the cost you paid to join GWT off for taxes.
So in essence you get to join for free. Practically, everybody will tell you.
You lose money in network marketing…
if you are in the US, Canada or Australia, that is practically difficult to do if you run your business as a business.
At the end of Mr. Liaw’s video, you will have a choice to continue reading this page or you can go
get started for Step Two: prepare you for an interview with me.
The interview is for us to learn about each other. See how we can help each other to be succesful in what we do.
And to see if you qualify for me to introduce you to Mr. Liaw and other busy succssful leaders in the company.
A good thing about this amazing GWT Corp opportunity. Is that you are able to work with amazing leaders all over the world.
They have a culture of no members left behind.
Step Three: Is the actual interview with me, and to see if you qualify.
I trust this excites you and you are ready to prepair for the interview,
click this link then follow the instructions.