Home Oils Business: INSPIREMENT
I coined the word INSPIREMENT to replace retirement, because it reflects the excitement offered by the strongest, people-based wave in business — network marketing.
Click here to join my network for marketing essential oils. There’s no obligation. I do 1:1 and weekly group training.
Whether you’re facing retirement or can’t even fathom it, you can participate in “multi-level” marketing (MLM) to replace your dependence on a 40-hour per week job.
Tim Ferriss’s book and blog The Four-Hour Work Week, is highly recommended. He’s one of many thinkers on the subject of working smarter and not harder.
Thinking local and being global has been a corporate trend for some time, and direct selling by consumers through their own networks is driving a trend that has no foreseeable end.
Start an MLM business while still working. You can map out your steps to success and take the time needed to reach your goals.
Let’s face it, your job may not offer a pension, and the government’s Social Security system just may be gutted. Millennials cannot depend on SS at all and those closer in age to retirement are fearful they won’t get what they’ve “put in” to this point.
The only way out is to plan to be free. Inspirement means doing what inspires you and using the network marketing system to support you as you build your dream life.
Join the premier training company for making money online, described here.
Below is an article describing the business reasons starting a network marketing business sooner than later is a good idea. Thank you to Tyler and Mimiford.
Tax Benefits of Network Marketing & Home Based Business
Starting your own network marketing home based business brings you a million-and-one benefits but the one specific benefit I want to talk about on this blog post are tax benefits since it is tax season.
Most all network marketing companies have a monthly auto-delivery program a member has to be on to qualify for all commission bonuses. Guess what? Your monthly auto-delivery is 100 PERCENT TAX DEDUCTIBLE!
We called the IRS to ask them if our monthly auto-delivery is 100% deductible. Carol spoke with IRS representative Colleen ID #0348881 and below is what the IRS representative said. First she asked several questions about how our business worked:
- Is purchasing the $100 monthly auto-delivery was a common practice amount for all members? which is “yes”
- If it was expected for business builders but not consumers? which is “yes”
- If it was helpful to drink the product? which is “yes”
- Necessary to get paid? which is “yes”
- Appropriate for network marketing industry? which is “yes”
Based on the answer and Publication 535 Business expense page 2, the expenses would be ordinary ( common and expected) and necessary (helpful and appropriate) in regards to our MLM business model. Which means the $120 purchase qualifies as a business expense.
Also if a doctor recommends and supplies product out of their office, it is a medical expense for a patient. This is in the instruction for Schedule A.
Other tax advantages to your home based network marketing business are the obvious expenses you can deduct, such as:
- 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.
- The cost of your computer
- Office equipment and furniture – office desk, office chair, computer, software, telephone, printer, lighting, etc.
- Internet connection
- Phone bills
- Your vacations and company events – This benefit can be huge! You’ll be able to deduct the cost of the plane ticket, hotel expenses, food, entertainment.
- Conferences – There is no faster way to super-charge your business than to attend a conference. You’ll get a fantastic business education, get a chance to network and best of all get to write off the expense.
- Restaurant meals – Take out members in your down-upline, up-line, or anyone you talk to about your home based business and the meal is on the IRS.
- Groceries – Your home office needs some food for visitors. It is unlikely you will get away with your entire grocery bill but food you consume for home events and visitors is a legitimate deduction.
- Some car expenses
In conclusion, it is hard to put a positive spin on paying taxes. It always hurts but we all have to do it. The good news is that by joining any network marketing company there are tax deductions that you would not have been able to deduct if you did not have a home based business.
Always consult with a tax professional. We cannot provide any warranty about the information above.
Any questions about starting your home-based business, make an appointment to chat (click button), or call or text (201) 966-1170.
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