Tax Deductions for Network Marketers

The 2016 tax deadline* is just days away! April 18th will be here in no time!

Are you ready? For some small business owners it’s a big nope! But I got you! No worries.

tax tips 1

Wearing many hats require me to know about as many tax deductions as possible. If you are in any MLM, Self Employed, you know exactly what I’m talking about.

 

Use this tax information as a Deduction Organizational Guide


Home Business Expenses

  Set aside a space in your home that is 100% business use.  Never used for anything else, and regularly used for business.  This is where you keep your business records, your business computer or laptop, make your sales calls from and meet clients.  The tax term is regular and exclusive business use.  If you do this, you deduct a percentage of the household expenses – rent, interest, taxes, utilities, insurance, repairs, etc, based on the square footage of the office ratioed to the home square footage.  Expenses directly related to the office, such as a dedicated phone line; do not have to be ratioed.  You can also take a small depreciation deduction for the home losing value.  -K.P. KP Tax Servive kptax.webs.com

  • 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

“The easiest mileage log is a notebook where you right the date, the trip purpose and the miles driven. ” K.P. -KPTax Service, kptax.webs.com Charlotte NC

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

Go on trips that are going to increase your money-making potential.  Stay away from any others.  For legitimate travel, you get airfare, rental car, tips, taxis, laundry, internet and phone, as well as 50% of meals and any other reasonable and necessary expenses. K.P KP Tax Service  kptax.webs.com

  • 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

There are so many more to add to this list. I intended to give you a mental rolling start. . I’m a tax expert. Contact KPTax.webs.Com  to discuss your particular tax situation. Also get  more guidance. Please buy my book. It’s a easy read and loaded with tips for Direct Sales professionals. Message me —> QCSupermominfo@GMail.com

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