Home Based Businesses can receive a tax write off and add debt consolidation in you require further assistance. By owning a home-based business and taking advantage of the tax breaks available to you, you can keep more of your income, even if your business isn't producing a profit! I am the sole proprietor of Rich and Rich Home Opportunities and also have an EIN (Tax ID #) for that business. I filed a business deduction for the business in 2020 even though I made about $600 total.
Rich and Rich Home Opportunities is a company that focuses on bring quality home based business to the those seeking a home based business. I always pay for my advertising with my credit card or through paypal which is attached to my bank account, and makes it easy to create the receipts that need to be provided when you apply for your business tax deduction. These are the tax deductions that I took in 2020 and will be taking in 2021 with all receipts! If you have signage for you business on your car, this is considered advertising and the cost of gas and maintenance can be a tax write off in you are using your car for business to get to hosting or speaking engagements.
Your capital costs of a computer, it's software and even Internet access can be deductible when used is a home based business
I payed via paypal for advertising on networks such as Direct Sales Mom, Traffic Exchanges, ineedhits, autoresponders, and offline print materials. My advertising was the bulk of my deductions.
I also deducted business start up costs because I would have to be a part of a business in order to promote it as a Rich and Rich Home Opportunities business. My company is classified as a b2b.
You don't need a company to tax a business deduction. If you are a network marketer or direct salesa associate, then you are eligible for a business deduction. There is cap on the deductions based on the type of deductions. For example, I received $9,000 but that was my cap.
The key to all of the tax incentives and more is to treat your business as a business, not as a hobby. The intent of your business is to make a profit. This does not mean that you have to make a profit, but a reasonable effort has to be made. Work your business. Profit is what we all want! Keep good records of your business activities with a good log book and you will have no trouble with the intent of your business and submitting your reciepts. Working in a home based network marketing company has endless advantages with unlimited income, more free time to do the things that you want and helping other people to be able to market and advertise for success
If you are eligible for debt consolidation please see if you qualify so that when you consolidate your credit card debt, you are taking out a new loan. … Consolidation means that your various debts, whether they are credit card bills or loan payments, are rolled into one monthly payment. If you have multiple credit card accounts or loans, consolidation may be a way to simplify or lower payments. This can free up capital for other business expansion.
In summary
(Please check with your accountant first)
Bank Fees and interest
· if you use a credit card solely for Silpada business, the interest can be a tax writeoff – certain restrictions apply
Office Expenses
· Telephone/Cell Phone as long as the primary use is business
· Advertising: Fliers, newspaper ads,
Office supplies
· Paper, envelopes, pens, calendars, software, computers, office machinery, calculators, paperclips, etc…
· Postage/Postage Meters
· Don’t forget mileage to the post office/office max, etc…
· Checks
· Stationary, invitations, ink
Car Expenses
· Mileage to and from shows, team meetings, sit-downs at Panera with prospects or team members (as long as you talk about Silpada business, it is considered a tax write-off)
· Car repairs
· Gas/Oil etc – check with your accountant first – you may be restricted depending on which method you choose
Show Expenses
· Discounts given (free shipping or 30% off for a family member, etc)
· Donations given (if you do a show for charity)
· Items ordered for personal use
· Babysitting/Childcare expenses
Prospect Meetings
· Coffee, meals
· Babysitting/Childcare expenses
