You can write off interest on your home, charitable contributions that you made, and HSA contributions. The write offs you take as a W2 employee are minimal. If you’ve worked as a W2 employee your entire life, you have no frame of reference for what taxes look like to independent business owners. When I explain this to people, they often wonder how that’s even possible. Now that you own a business you will get more back than you got last year and you’ll probably get more back than what you earn in commissions. Let me repeat that because it’s important. There are deductions that you get that will-without any question-put more money back in your pocket on your tax return than you got the year before and it’ll probably be four or five times what you earn from your first year in business. But what Deductr will do is show you in real time how much you’re going to get back as a direct result of having your own business. You may only make $1000 in your first year. The person who just got started, who’s never been in business for herself before gets the greatest benefit from Deductr. The person making a lot of money can afford an accountant. Everybody thinks that the person who needs Deductr is the person making lots of money. If this is your first time in business for yourself, we’re going to help you maximize the benefit of being self-employed. When I speak or go to an event and we roll out Deductr, my first focus is really on the new startup distributor. Our purpose at Deductr is to do all that heavy lifting for you.
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They just don’t know what is and isn’t deductible and with a tax code nearly 75,000 pages long, it’s really not surprising that any American finds taxes incomprehensible. They think because they buy a shirt with the company name on it, they can deduct the shirt-they can’t. They write off their clothes-you can’t do that. They write their entire home off-you can’t do that. The IRS is cracking down on small home businesses that file incorrectly. We help IBOs to file correctly and to get the greatest possible return. What is Deductr?ĭeductr’s core strength is to help the independent business owner (I call them IBOs). Taking advantage of the tax laws in this way isn’t simple, but using Deductr can make it simple.
The result is a net increase in what you can legally and ethically “take home” when it comes to income. You can shift many personal expenses to business expenses and thereby lower your taxable income. Starting a home-based business is one way to increase tax deductions.
If you start tracking your tax-deductible events today, you can start saving money-potentially much more money than you’ll earn on commissions in your first year.įor the small business owner, sole proprietor, independent contractor, or home-based business owner the tax code and its associated IRS regulations can be a daunting and expensive obstacle.
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Taxes affect everyone in one form or another but if you’re just starting your first MLM business, you might be surprised to learn about the tax benefits of your new position. Facebook 0 Tweet 0 Pin 0 LinkedIn 0 Print 0Īt the birth of this nation Benjamin Franklin was quoted as saying, “Our new Constitution is now established, and has an appearance that promises permanency but in this world nothing can be said to be certain, except death and taxes.” There are many who would suggest death to be the less painful of the two.
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