Tax Advantages of a Network Marketing Business
There are many tax advantages when running a successful home based network marketing business.
I will list a few here.
If you have an international business, a lot of travel can be written off against your income taxes.
For example if you reside in the states but have down line members in europe, there is no reason why you can't take to vacation to europe, visit a member along the way and subsequently write it off against your income as a business trip as you were meeting one of your business partners.
To maximise this, both men and women are putting their wives and husbands alike in the business so both parties have tax written off trips.
Also in terms of using a home office for building your business.
Light, heat, home office, computers, internet fees,phone bills, bin charges, mortgage interest can all be written off.
You explain to your accountant that your home is now your place of business and all fees associated with the running of the business can now be written off against taxable income.
If you have a business that is growing not over the internet but grows nationally, then your car payment can be written off.
If you are doing hotel meetings, buying suits to impress would be prospects, petrol, car insurance, car tax.
Be smart and try to include all expenses in the running of your business.
Then and only then will you be able to save the maximum tax possible.
What I have learned over the years is that the tax man and often your accountant will take as much as they can.
If you feel your accountant is not giving you the best service possible and is not truly working for you, then dump him.
Life is too short to paying way over the odds and making the state rich and not yourself.
Do things legally and explore every avenue when it comes to keeping as much as you can of what you earn.
They say that if the worlds wealth was collected and thrown all around the world the following day, it would eventually end up in the same hands.
Why?.
Because the rich know how to keep their wealth.
So outsmart the tax man and learn the law if you want to become rich.
I will list a few here.
If you have an international business, a lot of travel can be written off against your income taxes.
For example if you reside in the states but have down line members in europe, there is no reason why you can't take to vacation to europe, visit a member along the way and subsequently write it off against your income as a business trip as you were meeting one of your business partners.
To maximise this, both men and women are putting their wives and husbands alike in the business so both parties have tax written off trips.
Also in terms of using a home office for building your business.
Light, heat, home office, computers, internet fees,phone bills, bin charges, mortgage interest can all be written off.
You explain to your accountant that your home is now your place of business and all fees associated with the running of the business can now be written off against taxable income.
If you have a business that is growing not over the internet but grows nationally, then your car payment can be written off.
If you are doing hotel meetings, buying suits to impress would be prospects, petrol, car insurance, car tax.
Be smart and try to include all expenses in the running of your business.
Then and only then will you be able to save the maximum tax possible.
What I have learned over the years is that the tax man and often your accountant will take as much as they can.
If you feel your accountant is not giving you the best service possible and is not truly working for you, then dump him.
Life is too short to paying way over the odds and making the state rich and not yourself.
Do things legally and explore every avenue when it comes to keeping as much as you can of what you earn.
They say that if the worlds wealth was collected and thrown all around the world the following day, it would eventually end up in the same hands.
Why?.
Because the rich know how to keep their wealth.
So outsmart the tax man and learn the law if you want to become rich.