75 Tax Deductions for Network Marketers
By Curt and Kelly Wissink
Image by tax.umn.edu
April 15 is a date seared on the heart of every warm blooded American. Tax Day!
But don't despair, you can take advantage of 75 tax deductions for your home business.
This is not the whole list by any means. It is a starting point.
I can't emphasize enough to document, document and document everything. Save all your receipts.
Be organized and professional.
Buy a file cabinet at your local office supply store or better yet check Craig's List or go to a garage sale.
Turbo Tax has been simple, easy and very comprehensive and is a personal recommendation.
Use this tax information as a guide. I'm not a tax expert. So please contact a tax professional to discuss your particular tax situation.
Home Business Expenses
- Business cards
- Brochures
- flyers
- stickers
- cd's
- copying
- printing
- letterhead
- advertising- Newspaper, magazine, radio, TV, internet
- business checking account
Office Supplies
- Envelopes
- Postage
- shipping
- printer paper
- printer ink
- pencils , pens, markers, highlighters
- notebooks
- post-it notes
Office Equipment
- Computers and repairs
- printers
- fax
- copy machine
- answering machine
- furniture
- office space
- file cabinets
Communication Expenses
- Cell phone, phone bills
- PDA
- camera
- video recorder
- voice recorder
Travel Expenses
- Mileage- trains, subways, bus
- toll , parking fees
- airfare
- lodging
- meals
- conferences
- conventions
- seminars
- entertainment
- Business gifts
Internet Expenses
- Website hosting
- domain names
- web design
- blogging expenses
- podcasting - ipod, software
- accounting software
- tax software
- internet service
- classes
- webinars
- marketing
Business Related Education
- literature- books, journals
- magazine subscriptions
- educational cd's and dvd's
Trade Show Expenses
- booth fee
- travel
- meals
Do you have any to add?
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Posted by: Paper Shredder | October 23, 2008 at 04:56 AM
It's also really important that you document throughout the year not only all of your income and expenses, but kinda a diary of what you are doing on a daily basis with your business.
So many network marketers fail to treat their business as a real business (which is one of the keys to success!!) but instead treat it as a hobby. If the IRS views your business as a hobby, and if you lose money 3 out of 5 rolling years, they will investigate you and possibly audit you.
By having good records, you can easily justify your business if this ever happens.
Remember: treat your business AS a business! And work it like one too!! If you do not have these business skills, ACQUIRE THEM NOW
Posted by: Rayven | April 08, 2008 at 08:43 AM