MLM Tax Time Tips

It’s getting closer to that dreaded moment – tax time. While nobody likes to pay income taxes, network marketing and MLM business owners have a tremendous advantage this time of year.

Assuming we treat our business as a business, not a hobby, we have a great number of legitimate deductions we can take to help offset the expense of building our businesses.

Here are a few resources to help you get organized and see the big picture.

MLM.com — Home Office Deductions

Because of complex tax codes and complicated recordkeeping required by the IRS, many network marketing business owners don’t take advantage of legitimate, home office tax deductions for their home office or workspace. It can be tricky, …

Mileage Deduction – IRS Rules For Record Keeping

With today’s recession economy and the tax situation uncertain in the future, many people are looking for as many tax deductible business expenses as possible …

Business Owners – A “Valentine” From The IRS Is Not A Good Thing …

All this puts a damper on one of the major reasons to start a home based business or join a network marketing company; because of the tax benefits of running your own business. It only works if you actually run it like a real business. No short cuts allowed! Ignore proper accounting systems from Day 1 just “try” your new business to see if it works (all the signs of a hobby) and see how fast those business deductions are disallowed! If you fall into the “hobby-business” …