Tax Benefits for Home based Businesses
Home Based Businesses provide the best tax benefits
This is the fourth part of our series on “Network Marketing…the Affordable Home Based Business” Today I will be covering one of my favorite topics. Tax benefits and home based businesses. The information I learned on this topic alone has helped me signup hundreds of sceptiks and some of the the tufest network marketers.
In 1995 I saw Sandy Botkin speak and discuss this topic in detail. Sandy had just left the IRS a few weeks earlier, and held the position as one of the 12 IRS tax attorneys. I have continued to follow Sandy as he keeps us informed on the tax laws and how they affect home base businesses. Below is just a brief list of some of the tax deductions you will receive when owning a home based business:
· Deduct your home office space
· Deduct all your office equipment
· Deduct your vehicle
· Deduct Your phone expenses
· Deduct your travel expenses
· Deduct entertainment expenses
· Deduct your network marketing product purchase
· Deduct any marketing expenses
· The list of deductions goes on and on
I would encourage you to spend some time looking at Sandy Botkins website. Everyone understands tax deductions. My business building group when closing a prospect just simply covers the tax benefits and the prospect is ready to signup in a matter of minutes.
But as always remember…this blog is a place for all of us to talk and share ideas about network marketing. I would encourage you to chime in and ask a question or give us some words of wisdom.
Rob Herr Jr. is a leader in network marketing and has been involved in the business full time for the last three years. Considered a master closer, Rob Herr has made a living off helping people achieve their dreams. If you have a question about a network marketing company or product, give Rob a call at 1-866-805-8482.
Tags: home based business, network marketing, Rob Herr Jr., Sandy Botkin, Straightline Downline
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February 23, 2009 at 11:36 pm
I can attest to that I get a great refund every year
December 18, 2009 at 7:48 pm
Great! i don’t know this before
April 1, 2010 at 7:41 pm
Your advice seems too simple for average joes like myself to implement. Most people would rather hire someone to manage their finances for them. In today’s hectic lifestyle, most people will read a how to book on the subject but never will take action. That is exactly how experts become famous at what they do. Does that make sense to you at all? That is the trend that is going on right now as we speak.
Great info.
January 9, 2011 at 3:36 am
This is actually fairly simple the only problem is too many people treat their business like a hobby and would lose in the game. It is so easy to put in some real and consistant minimal effort to honestly benefit from the tax laws. If more people knew, or took an hour to understand, this they would start a home based business. If they truly put in a minimum consistant effort they might actually make some money over and above the tax savings.
January 13, 2011 at 9:01 pm
I am a business owner and also I work for the Government.With the taxes that are taken out of my check and the tax bracket that I am in at the the end of the year,which is pretty high!
If I didn’t own a business and not be able to write off my deductions/expences with my business I would really be giving Uncle Sam alot of $$$$.This is Why? everybody should be owning their own business.Even if you are not making big $$ in your business at first it doesn’t matter you still can take advantage and claim your expences and get out of that high tax bracket you are in year after year…
It is in your best interest to work for yourself.
Own your Own Business!!!Start giving back to yourself, there is so many deductions/expences you can take by having your own Business…..
At the end of the year wouldn’t it be nice to see a bigger refund check than the check that you are always used to getting.