One of the top reasons why you should get into network marketing now (today even) is to be able to have additional deductions when tax time rolls around. Whether you still have a job or you are one of the millions who have lost their job this year and are living off a severance package or unemployment, this is the time to invest in a home business. You can save money at tax time just because of the major tax benefits that are provided to home based business owners.
Frankly, if you have been thinking about going back to work to help your spouse out with the bills or taking a second job to supplement your income then you need to know that you would be foolish not to consider a home based business instead – not just for the tax break that it would provide, but the increased quality of life for you and your family.
As long as you maintain good documents (receipts, mileage log, maintenance log) about your business activities, as a home based business owner you can deduct:
- your house (including home improvements)
- your spouse and children (hire them to help with your business)
- your car (put a magnet on it advertising your business and every time you drive it you are officially doing business with it)
- your vacations (drop some business cards at Disney World, talk to prospects on the road)
- meals with colleagues (even if the colleagues live n your house!)
- business losses
- your electric, gas, phone, cell phone, and internet bills
- any computer equipment used to conduct business including printers, routers, laptops etc.
- pens, pencils, paper, business cards, postcards
- any costs of doing business such as start up fees and monthly fees paid to your network marketing company
This could add up to thousands of dollars in tax savings and refunds!
Of course you should research the laws in your state to verify that I am telling the truth here. For more tax saving tips and how-to’s pick up a copy of Sandy Botkin’s “Lower Your Taxes Big Time!”, it will be money well spent.