MLM Tax Deductions
We’ve covered this in the past a bit, and I know that this is the day AFTER tax day here in the United States, but I just wanted to pass on a list of MLM Tax Deductions that have taken here for you to set yourself up with in the future.
Now, let me first say that I am not an accountant, not an expert on taxes, nor do I claim this to be financial advice. If you want professional advice, to go ahead and see your own accountant and use your common sense as well.
Bleh, now that we got that out of the way.
Here is a list of things to consider taxing as an MLM tax deduction, and should consider setting yourself up with for next year. This is the kind of stuff that I brought to my own accountant for his to work his magic with.
- Home Office Deduction – This is the big one and a touchy one. The key here according to my account is to have an area set-aside specifically for Business, and use it only for that. With that, there are tons of things you could possibly deduct, including % of mortgage, heat, electricity, etc.
- Educational expenses – This is one we forget about alot, it can range from anything like training pamphlets from your company, or getting a copy of Simple MLM Leads or other trainings available in the industry. Anything you can think of that you purchased or used that could be considered professional education. You do treat your business like a real one and a profession, right?
- Website Costs and Internet Access: Everything ranging from your own company replicated website (which can be great as a sales tool….not marketing tool), to setting up your own blog (more on that later), to auto-responder costs, etc.
- Advertising costs: This can be huge, especially if you are an established business owner and actually advertise. This can even range from flyers, business cards, SEO Services, Facebook advertising, to more mundane things.
- Childcare Costs: Do you ever pay for a babysitter to meet with clients, or events? I know we do, alot in fact.
- Mileage: Self-explanatory, but you’ve gotta keep careful track of it.
- Mailing Fees
- Product Samples (We give out a tons in our warm market)
- The Cost of Joining a Business: Did you join a business this past year? These can range from a couple bucks to hundreds of thousands of dollars.
- Legal Fees like setting up an LLC
- Professional Membership fees. Do you belong to Better Networker, or the local BNI group?
- Convention Costs, fees, meals at conventions. These can easily cost upwards of $1K or more for a single person or more.
Anyway, these are just a couple of the things and items I had brought to my accountant for legit expenses and should be enough for your to get the ball rolling this year. Remember to keep records.
Most importantly, treat your business like a business and it can reward you as such.
What do you think?
Do you have any to add? I’d love to hear your thoughts.
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