Internet Network Marketing Tips For Generating Network Marketing Leads

Network Marketing Tax Write-Offs

by Kurt on January 10, 2011

Network Marketing Taxes

Network Marketing Taxes

It’s that time of the year again…preparing for the dreaded tax return.

Fortunately for us, many of the expenses we incur throughout the year as network marketing and internet network marketing folks CAN be deemed as potential write-offs come tax time.

Even if this is your first year at it, you can still possibly gain some potential benefits come tax time.

Now, let me be clear here, I’m not a tax accountant, or specialist and you really need to seek a qualified tax advice if you either do it yourself or seek someone out.

With that disclaimer said, here are a couple things that you might (or might not) have known that can be potential tax write-offs, most have been for me, and this is what I’m gonna bring to my accountant come tax time.

- % of mortgage/electric/heat as proportionate to the size of your home business office.   You’ve got to have a home office established for this though.

- Education expenses (like buying training manuals from either your company or Simple MLM Leads )

- Website costs: Like the monthly fee most of us pay for company sites (yuck) or if you own your own blog, the cost of purchasing it this year, and hosting fees.

- Childcare – If you used it so that you can perform your work

- Internet Access

- Advertising costs – Like PPC marketing, or article marketing services.  Even for flyers (hope you didn’t make that mistake), sizzler cards,

- Hosting home meeting costs

- Mileage for dropping off products, to meetings, etc.

- Postage

- Cost of product samples

- Cost of joining a new opportunity

- Cell phone or land line charges

- ISP or internet charges

- Legal costs, or cost of forming an LLC or Incorporating

- Banking Costs

- Home office furniture

- Computer costs

- Business meals

- Professional services, like outsourcing or help preparing orders, etc.

- Professional membership fees/dues

- Cost of attending your annual convention or other professional conventions.

I should not that some of these things depreciate over the years, and some are a yearly fee.

Anyway, these were just a few things to get the juices flowing.

Some of the best advice i’ve ever heard about taxes with a home business were this:  Never fail to claim income, but never hesitate to claim as much as you legally can when bringing deductions to your accountant.

So, treat your home business like a real business and keep proper records of everything you spend on it…it will help during tax time.

What do you think?

{ 4 comments… read them below or add one }

Alvin Williams January 10, 2011 at 1:49 pm

I think it is very beneficial I applaud you for helping us mlmer!s

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Kurt Henninger January 10, 2011 at 1:58 pm

Absolutely. Just treat it like a business and you will be rewarded.

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Ian Belanger January 10, 2011 at 1:51 pm

Great post Kurt, I think many network marketers do not realize how many things they can write off when tax time rolls around. I am glad someone finally put the information out there, Thanks

Reply

Kurt Henninger January 10, 2011 at 1:59 pm

Ian,

You are so right. I never remember getting any help from anyone inside the community about this…glad you could benefit.

Kurt

Reply

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