Tax Benefits of Network Marketing & Home Based Business : Home ...

Julie Klein?
Xpress Healthcare?
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Please keep in mind that the information I?m providing is generic; it is not meant to be tax advice for anyone in particular or everyone. Always consult with a tax professional to see which tax deductions you personally can or cannot use.

Owning a home business enables us to greatly reduce our tax obligation. The number of deductions we can use may even amount to more than you are earning until you?re earning a great deal of money.

Let?s start with your monthly fee, if your company charges one, or the start-up or registration fee. They are 100% tax deductible.

There are many other tax advantages to your home-based network marketing business.
? A portion of your rent or mortgage ? your business has to pay rent and that includes home-based businesses. Some of the amount that you pay each month in rent or mortgage payments can be counted as a business expense. In general, that amount is the percentage of your home that you use for your business. If you have an office that is 1/8th of the square footage of your home, you can deduct 1/8th of your rent or mortgage.
? The same percentage applies for all your utilities: electricity, gas, water. Even your trash pickup if you pay for the service.
? The cost of your computer may be partly or entirely deductible. If your whole family uses one computer, only a small percentage may be deductible. However, if you are the only user, a larger percentage will likely be deductible.
? Internet connection ? The same rules apply here as to your computer.
? Office equipment and furniture ? office desk, office chair, business-related software, telephone, printer, etc.
? Phone bills. Again, if you use the same phone for personal use as you do for business, you?ll need to track the usage to determine the percentage that is deductible.
? Your vacations and company events ? This benefit can be huge! If your company has conventions or seminars, you? can deduct the cost of the plane ticket, hotel expenses, food, entertainment. Meanwhile, whenever you take a trip, if you talk to someone about your Xpress business or distribute brochures, a portion of your trip is tax deductible.
? Restaurant meals ? Take out members in your team or a prospect, their portion of the meal is on the IRS.
? Groceries ? If you ever have a meeting at your home ? say to introduce the business opportunity, if you provide refreshments, the cost is deductible.
? Some car expenses. There are two different ways to use your vehicle as a tax deduction ? track the cost of gas and maintenance OR track business mileage. For most, it is both easier and financially wiser to track the business mileage.
? If you pay to have someone clean your home, a percentage of the cost is tax deductible if they clean your office space along with the rest of your home.

Again, I remind you to consult with a tax professional. I do guarantee that all of these tax deductions will be beneficial for you.
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Source: http://www.homebizblogs.com/2012/03/tax-benefits-of-network-marketing-home-based-business/

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